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Delta Lloyd confirms health insurance merger agreement

Aviva's Dutch unit Delta Lloyd has confirmed its intention to merge its health operations with Dutch health insurers Agis Health Insurance and Menzis Health and Income to form a new operation under the name 'DAM Health Insurance Group'.

Customers of DAM Health Insurance Group will remain insured through the existing brands of Menzis, Agis, OHRA and Delta Lloyd.

Delta Lloyd has already acquired a 31% stake in DAM Health Insurance Group in exchange for its healthcare businesses, whose net assets totaled GBP180 million as at June 30, 2006. The stakes of each party have been determined by the value of each business.

With the collaboration of these parties, the life insurance firm will be able to offer both life and health insurance to the customers of DAM Health Insurance Group, and provide asset management services.

The health combination is anticipated to give rise to one of the leading health insurers in the Netherlands with four million customers and a 25% market share.

The agreement is subject to consultation with the regulators.