AXA Completes €1B Sale in Central, Eastern Europe Business to UNIQA
Monday, 10 19 2020, Category: Insurance and Reinsurance, Country: Europe
AXA said that it has completed the sale of its life and savings, property and casualty, and pension businesses in Poland, Czech Republic and Slovakia to Austria’s UNIQA Insurance Group for a total cash consideration of Euro 1.0 billion.
The deal was first announced in February.
UNIQA said it is both the largest acquisition in its company’s history and the largest acquisition to date in the Austrian insurance industry in the Central and Eastern European region.
With this acquisition, UNIQA strengthens its market position in the CEE markets by gaining five 5 million new customers with a premium volume of EUR 800 million. In Poland, the Czech Republic and Slovakia, the UNIQA Group now holds a top five position, according to the company.
Source: Insurance Journal