Eurobank completes €813 million acquisition of insurance provider Eurolife

Eurobank has completed its €813 million acquisition of the remaining 80 per cent of Greek life insurer Eurolife Life Insurance, bringing its ownership to 100 per cent, while the sale of a 45 per cent stake in its Cypriot non-life insurance subsidiary to Fairfax Financial Holdings is expected to be completed by the end of 2026. The bank announced the completion on Thursday, following the receipt of the necessary regulatory approvals and the fulfilment of the relevant closing conditions. The transaction involved the acquisition of 80 per cent of Eurolife FFH Life Insurance Single Member Société Anonyme Company, which operates under the name Eurolife FFH Life Insurance SA, from entities controlled by Fairfax Financial Holdings Limited. The deal follows earlier announcements made in October of 2025, and May of 2026, and represents a significant step in Eurobank’s strategy to expand its insurance business and diversify its sources of revenue. With full ownership of Eurolife Life, one of Greece’s leading life insurance companies, the bank aims to strengthen its position in the insurance market and further develop its bancassurance activities, which combine banking and insurance services. Eurobank said the acquisition would allow it to build on Eurolife Life’s established market position and distribution network. The bank had announced in May that the consideration for the acquisition amounted to approximately €813m, with the transaction expected to be completed during the third quarter of 2026. The completion announcement did not provide an update on the previously disclosed estimated impact of the acquisition on the group’s profit and loss account or its common equity tier 1 (CET1) capital ratio, which measures a bank’s financial strength. The sale of part of Eurobank’s Cypriot insurance business remains pending, with the bank expecting to complete the disposal of a 45 per cent stake in ERB Asfalistiki Limited to Fairfax affiliates by the end of 2026. The transaction remains subject to the outstanding regulatory approvals and other closing conditions. Eurobank announced the planned sale in May, when it said the deal was expected to generate cash consideration of approximately €55m. The disposal concerns ERB Asfalistiki, the group’s non-life insurance subsidiary in Cyprus, and forms part of the wider arrangements involving Fairfax. The May announcement had indicated that the agreement relating to the Cypriot business was expected to be signed in the following weeks, subject to the necessary corporate approvals. The completion of the Greek life insurance acquisition now gives Eurobank full ownership of Eurolife Life, while the separate transaction involving its Cypriot non-life insurance business remains outstanding.