Vienna Insurance Group announced it has completed the purchase of AXA’s Serbian companies.
In July 2016 Vienna Insurance Group (VIG) signed a share purchase agreement for acquisition of the non-life company AXA Nezivotno Osiguranje a.d.o. Beograd and life company AXA Zivotno Osiguranje a.d.o. Beograd.
The final regulatory approval for the share purchase agreement was granted, and the transaction was closed on Nov. 30, 2016, VIG said in a statement. The parties agreed not to disclose the terms and conditions of the transaction.
VIG said the acquisition increase its market share in Serbia to around 12 percent
“Based on the positive economic forecasts, Serbia is a clear growth and investment market for VIG. We aimed at increasing our market share to at least 10 percent over the medium term and are very satisfied, having already achieved this goal,” commented Peter Höfinger, member of the managing board of VIG, responsible for the Serbian market.
The two AXA companies generated slightly more than 12 million euros ($12.8 million) in premiums in the financial year 2015, said VIG, noting that the companies’ range of products comprise casualty, motor, household and life insurance business.
“Through its existing company, Wiener Städtische Osiguranje, VIG is already very successfully present on the Serbian market,” the company said.
Source: Vienna Insurance Group and AXA
Was this article valuable?
Here are more articles you may enjoy.