AXA's exit from the Romanian insurance market finalized

French insurer AXA exited the Romanian market after the sale of its Life & Savings insurance operations to Austrian-based VIENNA Insurance Group. The transaction was closed on 28 April 2017.

The buyers are the two Romanian VIG Group companies, BCR Life and OMNIASIG which acquired 100% of the AXA subsidiary.

"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", the Austrian insurer mentioned in a press release.

AXA Life generated more than EUR 3.8 million gross premium income in the financial year 2016, primarily from traditional life insurance business.

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% 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".

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