According to 2018 data, NLB Vita was the second-largest life insurer in Slovenia, with a market share of 14.8%. The acquisition of NLB Vita represents an important step for the Sava Insurance Group in the consolidation of its position in Slovenia's life insurance market.
"Slovenian life insurance penetration (the life insurance premiums as a percentage of GDP) is weaker than that of more mature European markets, which is why we believe there is potential for development and organic growth," the company stated.
The bancassurance partnership between NLB Vita and NLB will continue to develop because the bank remains the primary sales channel. The strengthening of partnerships with banks and the development of the bancassurance sales channel is an important strategic objective for the Sava Insurance Group.
The transaction's completion depends on the satisfaction of certain suspensive conditions and regulatory approval. The transaction is expected to close by mid-2020.