Friends First

Eugene Gibney led the investment division at Friends First. He oversaw the general account, which was heavily weighted toward direct Irish commercial real estate. Following Aviva's 2018 acquisition of the firm, Gibney departed and the legacy portfolio was integrated into Aviva Ireland's balance sheet under its own investment team.

Friends First owned a direct portfolio of Irish commercial and mixed-use properties rather than investing through funds. The holdings were concentrated in Dublin, with additional retail parks in commuter locations. Confirmed assets include Blackrock Shopping Centre, Royal Hibernian Way, the Merrion Collection, Elm Park, and the Madrid Portfolio of mixed-use buildings on South William and Clarendon streets.

Achmea BV, a Dutch mutual insurance group, owned Friends First before selling it to Aviva plc in 2018. The sale for €130 million allowed Achmea to exit the Irish market while Aviva consolidated its position by merging the business into Aviva Ireland.

The Friends First investment book was absorbed into Aviva Ireland's general account following the 2018 acquisition. The legacy property assets, including prime Dublin commercial holdings, remain on the combined balance sheet and continue to generate income matched against policyholder liabilities. Aviva Ireland now manages the portfolio as part of its broader asset allocation.

No. Following the 2018 acquisition, Friends First was merged into Aviva Ireland and the brand was retired. The combined entity operates under the Aviva Ireland brand, with the website aviva.ie serving as the public-facing presence for the life insurance, pensions, and investment operations.

Friends First concentrated on direct Irish commercial real estate, with a portfolio that included retail (Blackrock Shopping Centre, Carlow Retail Park), office (Elm Park, 1-2 Hatch Street), and mixed-use properties (Royal Hibernian Way, the Merrion Collection). The firm did not publicly disclose allocations to other asset classes such as equities or fixed income, though standard life insurance general accounts typically hold diversified pools of bonds alongside property.

Yes. Friends First was a member of the Irish Association of Pension Funds and participated in pension reform discussions. The firm also maintained a long-term sponsorship relationship with Brokers Ireland (formerly PIBA), reflecting its distribution model through independent insurance brokers for life assurance and pension products.