As part of Dresdner Bank’s future-orientation programme "Neue Dresdner", Dresdner Bank has sold its life insurance subsidiary Assurance Vie et Prévoyance (AVIP) to Assurances Générales de France (AGF), an Allianz Group company and fifth largest French insurer. The transaction, which had first been announced in August, was closed today. Dresdner Bank’s Institutional Restructuring Unit (IRU) has managed the restructuring of AVIP Group, incl. the sale of its subsidiary AFI Europe to French insurer Esca which was finalized in November of this year, and thereafter executed the transaction with AGF.
AVIP is a life insurer specialized in high-net worth individuals with some 16 000 clients. The asset portfolio is worth €2.2 bn. and revenues are about €220 mn.
