BULGARIA: GROUPAMA Life Insurance gets regulatory nod to absorb GROUPAMA EXPRESS Life

18 May 2020 — Andrei Victor
Bulgaria's Financial Supervision Commission announced that it approved that local life insurer GROUPAMA Life Insurance to absorb its other life unit: GROUPAMA EXPRESS Life.

In October 2019, GROUPAMA Life Insurance completed the acquisition of 100% of EXPRESS Life Insurance (former SOGELIFE Bulgaria) from the Bulgarian units of Hungary's OTP. EXPRESS Life Insurance was renamed to GROUPAMA EXPRESS Life. The transaction was announced this July by OTP when it mentioned that its Bulgarian unit EXPRESSBANK agreed to sell 100% of insurer EXPRESS Life Insurance to GROUPAMA.

At the begining of 2019, Hungarian OTP takes over throught its unit (DSK Bank) the banking, leasing and life insurance business from Societe Generale. After the transaction was closed, the former France's Societe Generale Group banking unit was renamed into EXPRESSBANK, while its former insurance arm - Sogelife Bulgaria into Express Life Insurance.

French insurer GROUPAMA is active on Bulgarian insurance market by more than 10 years throught its two subsidiaries:

  • GROUPAMA Life Insurance Company - ranked 7 of 11 life insurers at the end of 2019 with GWP of EUR 5.9 million, 2.3% market share
  • GROUAMA Non-Life Insurance - ranked 14 of 24 non-life insurers at the end of 2019 with GWP of EUR 12.3 million, 1% market share
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