AXA: The acquisition of OMNIASIG Life - an excellent development opportunity
The group AXA confirmed the acquisition of the company OMNIASIG Life. With this operation, AXA enters the Romanian life insurance market, which corresponds to its objective of acceleration of the development of the activities in Central and Eastern Europe.
"After buying minority shareholdings in subsidiaries held by BERD in Hungary, the Czech Republic and Poland, the acquisition of the company OMNIASIG represents for the group AXA, present in Central and Eastern Europe, an excellent opportunity to develop the life insurance business", said Cyrille de MONTGOLFIER, CEO of AXA Group in Central and Eastern Europe.
"With a low rate of penetration compared to the rest of the European Union (0.4%), the Romanian market offers AXA an important growth potential", stated company representatives.
Founded in 1997, OMNIASIG Life sells financial protection products, through a network of approximately 1,400 agents (of which one quarter are employees of the company).
Completion of this transaction depends on approvals of the authorities and is expected to be completed in the first half of 2010.
Author: Mihaela CIRCU
on 18.01.2010
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