Thursday, October 22, 2020
Home Insurance AXA Completes €1B Sale in Central, Eastern Europe Business to UNIQA

AXA Completes €1B Sale in Central, Eastern Europe Business to UNIQA

AXA mentioned that it has accomplished the sale of its life and financial savings, property and casualty, and pension companies in Poland, Czech Republic and Slovakia to Austria’s UNIQA Insurance coverage Group for a complete money consideration of Euro 1.zero billion.

The deal was first announced in February.

UNIQA mentioned it’s each the most important acquisition in its firm’s historical past and the most important acquisition thus far within the Austrian insurance coverage business within the Central and Japanese European area.

With this acquisition, UNIQA strengthens its market place within the CEE markets by gaining 5 5 million new clients with a premium quantity of EUR 800 million. In Poland, the Czech Republic and Slovakia, the UNIQA Group now holds a prime 5 place, in accordance with the corporate.

“Now we have been working efficiently within the CEE area for 20 years. For us, the expansion markets in Central and Japanese Europe are our second house market. With the acquisition of the AXA firms, the worthwhile retail enterprise and balanced product combine completely match our long-term progress technique, we are actually one of many main insurance coverage teams within the CEE area,” commented Andreas Brandstetter, CEO of the UNIQA Group.

“This transaction marks one other step within the simplification of AXA’s footprint,” mentioned AXA CEO Thomas Buberl. AXA has been exiting much less worthwhile markets and transferring away from life insurance coverage.

AXA mentioned the transaction is predicted to lead to a optimistic influence of +2 factors on AXA Group’s Solvency II ratio within the fourth quarter.

UNIQA mentioned no capital improve was required for the acquisition. The acquisition was financed from the corporate’s personal funds in addition to the problem of a 10-year senior bond with a quantity of EUR 600 million.

For UNIQA, AXA Poland provides 3.2 million clients and revenues of Euro 585 million, whereas AXA Czech Republic and Slovakia provides 1.6 million retail clients and revenues of about Euro 170 million.

The deal brings UNIQA’s complete buyer base to 15 million in 18 international locations. It’s the second-largest insurance coverage group in Austria with a market share of greater than 21 per cent. It operates in 15 markets within the CEE progress area: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Montenegro, Northern Macedonia, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. The UNIQA Group additionally contains insurance coverage firms in Switzerland and Liechtenstein.

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