Vienna Insurance Group closes acquisition of AXA company in Romania
VIG’s leading position in the Romanian insurance market further strengthened
In August 2016, Vienna Insurance Group announced the signing of a share purchase agreement for the life insurance company AXA Life Insurance S.A. (AXA Life). The buyers are the two VIG Group companies BCR Life and Omniasig. After having received the approvals by the local authorities, the transaction was closed on 28 April 2017.
Vienna Insurance Group has been the insurance market leader in Romania for the past ten years. This acquisition underlines VIG’s commitment to its strong presence in Romania.
According to Elisabeth Stadler, CEO of the Vienna Insurance Group, the prospects for the Romanian economy are promising. “Thanks to a rapid increase in private consumption, GDP grew 4.8 percent in 2016 and experts expect a growth of more than four percent this year as well. This development has a positive effect also on the Romanian insurance market, which grew around nine percent in 2016.”
AXA Life generated more than EUR 3.8 million gross premium income in the financial year 2016, primarily from traditional life insurance business.