Romanian ASF approved the merger between BCR Asigurari de Viata and AXA Life Insurance

The Romanian Financial Supervisory Authority's Board (ASF) announced it approved the merger operation by which BCR Asigurari de Viata VIG (the second largest life insurer in the country), will absorb AXA Life Insurance, as well as the portfolio transfer as a result of the merger.

In May 2017, the French insurer AXA announced its exit from 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.

"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 at that moment.

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

AXA entered the Romanian insurance market in 2010, when it acquired OMNIASIG Asigurari de Viata - a small life insurance company, previously owned by Vienna Insurance Group.

At the end of 2013, the French Group announced for the first time its intention to leave the Romanian market by selling its operations to the local player ASTRA Asigurari (liquidated). Later, in mid-September 2014, AXA said that the transaction failed: "AXA is reviewing its strategic options considering the interests of its clients and employees in Romania".

One year later, on December 18, 2014, the French insurer announced that it had entered into an agreement with the leading independent asset manager in Romania - CERTINVEST and with the financial investment company listed on the Bucharest Stock Exchange - SIF Transilvania to sell its local insurance operations. Under the terms of the failed agreement, CERTINVEST was supposed to acquire a stake of 70% in AXA's Romanian subsidiary, while SIF Transilvania - the remaining 30% stake. Later, in July 2015, AXA said that the agreement with CERTINVEST and SIF Transilvania has failed. "AXA is reviewing its strategic options considering the interests of its clients and employees in Romania", AXA Group officials declared at that moment.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

FITCH Affirms EUROINS Romania at IFS 'BB-'; Outlook Stable

FITCH Ratings has affirmed EUROINS Romania Asigurare Reasigurare SA's (EUROINS Romania) Insurer Financial Strength (IFS) rating at 'BB-', and EUROHOLD Bulgaria AD's (EUROHOLD, the group's ultimate holding company) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlooks are Stable.

2018-08-06

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all