FSC allows KBC to merge its Bulgarian life insurance units

The Bulgarian Financial Supervisory Commission announced it has allowed DZI - Life Insurance's plan to absorb its wholly-owned unit UBB - Life Insurance. FSC did not provide further details in its statement.

In June 2017, as part of the acquisition of Bulgaria's United Bulgarian Bank (UBB) and Interlease by KBC, the Belgian group acquired 60% of UBB-MetLife Life Insurance Company.

In December 2017, KBC announced it reached an agreement with MeLife to aqcuire MetLife's remaining 40% stake in Bulgarian joint venture UBB-MetLife Life Insurance Company through DZI, its Bulgarian insurance subsidiary.





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