National Australia Bank Buys Aviva Australia Business

National Australia Bank Ltd. (NAB) said Monday that it has agreed to buy Aviva PLC's (AV.LN) Australian wealth management business for A$825 million.

The purchase is expected to add to earnings per share and return on equity in its first full year after acquisition, excluding estimated integration costs, the bank said in a statement.

Before completion, Aviva's Australia unit will pay a A$40 million dividend, National Australia said.

Australian newspapers had reported that National Australia had been in a battle with others, including AMP Ltd. (AMP.AU), Tower Australia Group. Ltd. (TAL.AU) and Macquarie Group (MQG.AU), to buy the business.

U.K. insurer Aviva sold the unit to improve its capital base after reporting annual GBP915 million net loss.

National Australia will buy Aviva Australia's life insurance and Navigator investment platform operations but not its asset management business.

The unit, which had earnings of A$60.7 million in the year to Dec. 31, posted a 24% fall in life and pension sales in Australia in its first fiscal quarter, mostly due to a product withdrawal.

The sale was managed by Morgan Stanley and JPMorgan Chase & Co.

The sale is subject to regulatory approvals and is expected to be completed during the fourth quarter of this calendar year, National Australia Bank said.

-By Andrew Harrison, Dow Jones Newswires; 61-3-9292-2095; andrew.harrison@dowjones.com

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