AXA has completed the sell of last CEE operations to UNIQA for EUR 1.0 billion

19 October 2020 — Andrei Victor
French insurer AXA it has completed the sale of its Life & Savings, Property & Casualty and Pension businesses in Poland, Czech Republic and Slovakia to Austrian UNIQA Insurance Group, for a total cash consideration of EUR 1.0 billion.

"The completion of the transaction is expected to result in a positive impact of +2 points on AXA Group's Solvency II ratio in 4Q20", as the French insurer mentioned in a statement.

In February 2020, xprimm.com wrote that AXA Group is in advanced talks to sell the last CEE operations that it covers (Poland, the Czech Republic and Slovakia) to Austria's UNIQA Insurance Group.

It is worth mention in the past years AXA Group decided to sell its business to Vienna Insurance Group in Hungary (2015), Serbia (2016) and Romania (2017). At the same time the Azeri operations were sold to Elkhan GARIBLI (2018), while the AXA's Ukrainian insurers were acquired by FAIRFAX Financial Holdings in 2019.

The Austrian insurer mentioned the purchase price of EUR 1 billion, "it is both the largest acquisition in the history of the UNIQA Insurance Group AG and the largest acquisition to date in the Austrian insurance industry in the CEE region. After all necessary approvals had been issued, the transaction was formally completed. Despite the challenging situation and the travel restrictions that are in place, the closing was implemented within eight months".

"With this acquisition, UNIQA is strengthening its market position in the highly competitive CEE growth markets. Not only in Poland, but also in the Czech Republic and Slovakia, the UNIQA Group now holds a top 5 position and is thereby sustainably increasing its market and brand presence in the entire CEE region. 5 million new customers with a premium volume of EUR 800 million have increased the UNIQA Group's customer base to more than 15 million".

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