Reinsurance News

AXA wraps up €1bn sale of Central European businesses

16th October 2020 - Author: Charlie Wood

Insurance and investment giant AXA has completed the sale of its life & savings, property & casualty and pension businesses in Poland, Czech Republic and Slovakia to UNIQA Insurance Group for €1 billion.

axa-logoUNIQA had been pegged as one of three bidders in the running to secure AXA’s Central and Eastern European operations after rumours of a deal emerged last October.

The Austria-based insurer had reportedly made it down to a shortlist with Assicurazioni Generali SpA and Vienna Insurance Group before securing the deal.

The completion of the transaction is expected to result in a positive impact of +2 points on AXA Group’s Solvency II ratio in the fourth quarter of 2020.

Upon announcing the deal earlier this year, AXA Chief Executive Thomas Buberl noted how it marks another step in the simplification of AXA’s footprint.

“We are convinced that AXA’s operations in Central and Eastern Europe will benefit from UNIQA’s strong presence and local expertise in the region to create new growth opportunities with a continued focus on delivering enhanced customer value propositions,” he said.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Established brands to benefit from FCA’s pricing proposals: AM Best

Analysts at AM Best believe that insurers with strong brands and market reputation will be the most likely winners of...