Eurobank acquires Fairfax’s stake in Eurolife Life, raising ownership to 100%
Key Facts
Eurobank said on 29 October 2026 that it had completed the purchase of an 80% stake in Eurolife Life from entities controlled by Fairfax, after receiving the required regulatory approvals and satisfying the closing conditions. With the deal completed, the bank’s ownership of the life insurer has risen to 100%. The group said the transaction strengthens its presence in the insurance sector and diversifies its revenue sources, while developing its bancassurance activities. Eurolife Life is one of Greece’s leading life insurers, placing all of its business under Eurobank ownership following the transfer of the stake. The announcement came after the expected timetable set when the definitive agreement was signed: the third quarter of 2026.
Eurobank set the cash consideration for the deal at about 813 million euros in the definitive purchase agreement announced on 7 May 2026. The group had included the acquisition in its fiscal 2025 results presentation as part of its insurance investments for 2026, at an approximate value of 0.8 billion euros. That investment estimate is close to the cash consideration set out in the purchase agreement. The figures show the scale of the transaction, which transferred Fairfax’s 80% stake to Eurobank, making the latter the sole owner of Eurolife Life. The bank linked the deal to its goals of growing insurance revenue and expanding its bancassurance activities.
The deal builds on Eurolife Life’s position in the Greek insurance market. In its announcement of the initial agreement in October 2025, Eurobank said the company had an approximately 21% share of the life insurance market, based on gross written premiums in fiscal 2024. In the same announcement, the group forecast that the company would generate gross written premiums of about 600 million euros in 2025. That was a forecast published in 2025 for the following year, not a final result for the year. The stated market share underscores the scale of the business now fully owned by the bank following the acquisition. Eurobank said Eurolife Life’s position and distribution network would support the development of its bancassurance activities.
The reshaping of the insurance assets leaves another link between Eurobank and Fairfax: the group said it would retain a 20% stake in the general insurance business of Eurolife Holdings after the Eurolife Life deal. In Cyprus, Eurobank expects to complete the sale of 45% of ERB Asfalistiki to companies linked to Fairfax by the end of 2026. Completion of the sale remains subject to the remaining approvals and satisfaction of the closing conditions. The completion of the life insurance acquisition therefore coincides with another step to redistribute ownership of the general insurance business. The end of 2026 remains the target date Eurobank announced for the Cypriot transaction.
The deal is part of Eurobank’s 2026–2028 plan, under which the group expects Eurolife to contribute about 100 million euros in fees. The plan also targets insurance and wealth management fees representing about 35% of total fees in 2028, compared with 20% when results were presented on 26 February 2026. These levels reflect the role the group expects insurance and wealth management activities to play in its revenue mix over the plan period. The completion of the Eurolife Life acquisition is among the 2026 investments Eurobank presented to investors. The next announced step is to complete the sale of the Cypriot stake before year-end, subject to the remaining approvals and conditions.