Aviva has announced it will sell life and general insurance products in Poland through a partnership with Bank Zachodni WBK.
Although an agreement between the two groups already exists, this will be extended by 20 years until December 2033 to ensure that Aviva has an adequate foothold in the developing Polish market, which has close ties to UK collateral due to migration patterns.
Front-facing expansions will take place via an increase in the number of branches from 500 to 900 for Aviva, which wants to increase its visibility to consumers in the eastern European region.
Bank Zachodni WBK is part of the Santander Group, but as the third-largest financial institution in Poland it is looking to its partnership with Aviva for an opportunity to increase its market share, which was hit in the economic difficulties faced across the eurozone in recent years.
Aviva is currently Poland’s fourth largest life insurer, with more than 830,000 customers that require funding of £2.9 billion, although this is expected to rise if the Bank Zachodni WBK agreement is successful.