VIG confirms the sale of OMNIASIG Life to AXA
As XPRIMM News announced in premiere on January 12, 2010, the French group AXA acquired a majority stake in OMNIASIG Life, the information being confirmed by Alexander JEDLICKA, Corporate Communications CEE, VIENNA Insurance Group, the Austrian group that controls the company. The contract was signed in December 2009, is subject to the approval of the relevant authorities and the deal is expected to close by the end of the first half of 2010. Also, the parties have agreed not to disclose the price of the deal.
"VIENNA Insurance Group has three life insurance companies in Romania. OMNIASIG Life is the smallest one and the group wants to concentrate on the further development of BCR Asigurari de Viata and ASIROM in the life insurance segment. Especially with BCR Asigurari de Viata the group is enforcing the cooperation with the BCR banking operations of Erste Group", JEDLICKA added.
In the region, AXA is already running operations in Poland, Czech Republic, Slovakia, Hungary and Ukraine, where the group has partnered with the French bank BNP Paribas.
The Romanian companies members of VIG have registered in the first three quarters of 2009 an 8% decrease of underwritings, in European currency, compared with Q3/2008, to a little under EUR 456 million, evolution saved by the results on the life insurance class.
Author: Andreea IONETE
on 13.01.2010
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