Aviva, which owns Hibernian Aviva, has said it is to cut costs and exploit growth opportunities by centralising all its continental European operations under a single Irish holding company.
The move is seen as an effort to save on tax for the insurance group, which is Britain's second-biggest insurer.
'Aviva will make significant efficiency gains and build competitive advantage in the region,' the company said.
Aviva said its European business is a major contributor to its financial performance, contributing 50% of its long-term savings sales and 44% of IFRS operating profits.
This follows similar moves from the likes of advertising giant WPP, which relocated its headquarters to Ireland last year in protest at changes to the British tax system.
It claimed the move will save 10% of its profits.
The number of jobs generated in Ireland by the move is believed to be minimal.
A spokesman for the Irish subsidiary Hibernian Aviva said Ireland was the only European country where Aviva had life insurance, general insurance and health insurance operations and he added that the company had a long established history here.
The establishment of Aviva Europe's headquarters in Ireland would need regulatory approval from the Financial Regulator.
