German insurance firm Allianz has completed the acquisition of Aviva Group’s operations in Poland and Lithuania for $2.9bn.

The acquisition, announced in March this year, is Allianz’s largest deal globally in a decade and is expected to position it as the second-largest life insurer in Poland.

As part of the deal, Allianz has taken over Aviva’s life and non-life insurance operations as well as its pension and asset management businesses.

The transaction also includes a 51% stake each in Aviva’s life and non-life bancassurance joint ventures with Santander Bank Polska along with Aviva’s life operations in Lithuania.

The insurer is planning to complete the merger of Polish operations by mid-2022.

Allianz Central Eastern Europe CEO Petros Papanikolaou said: “After successfully completing the transfer of ownership, we will now focus on ensuring a seamless transition for our joint community of around 2,400 employees, a large network of about 4,000 agents, and almost 5 million customers in Poland and Lithuania.

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“We look forward to working jointly with our colleagues to leverage our broad talent pool, wide distribution network, diversified product offering, and increased scale. Together, we will further strengthen our market position of a top international player in Poland and continue developing a unique and innovative value proposition for our customers.”

Recently, Allianz secured regulatory approval to take complete control of its Chinese life insurance joint venture.