This transaction allows AXA to further strengthen its presence in Poland, which is one of the most attractive insurance markets in Central and Eastern Europe, stated the Frech Group's press release.
In December 2015, AXA Insurance decided and announced its intention to purchase LIBERTY Insurance, the Polish branch of the LIBERTY Seguros Compania de Seguros y Reaseguros SA year. After receiving the appropriate approvals, on September 30th AXA and LIBERTY signed an agreement as a result of which the portfolio transfer took place. The LIBERTY Insurance trade mark will be used under a license agreement for another half year from the closing date of purchase.
By the end of 2017, AXA Insurance, AXA and AXA Direct TUiR functions will be reunited in one company within the structure of AXA Global Direct.
AXA owns several companies in Poland. In 2015, AXA Zycie ranked 9th in the life insurance segment, with GWP of EUR 297.22 million and a market share of 4.6%. AXA TuiR ranked 17th in the Polish non-life insurance market, with GWP of EUR 75.4 million and a market share of 1.2%. AXA Insurance TUiR ranked 18th in the Polish non-life insurance market, with GWP of EUR 71.6 million and a market share of 1%.