US-based UNUM to acquire Polish life insurer PRAMERICA Zycie
"Growth of the UNUM franchise through strategic acquisitions is an important avenue for us," said UNUM President and CEO Rick McKenney.
"The purchase of PRAMERICA Zycie opens an opportunity to expand our European footprint into Poland, an attractive market for financial protection benefits."
Terms of the sale were not disclosed. The transaction is expected to close by the end of the year, subject to regulatory approvals and customary closing conditions.
"We are proud to become a part of UNUM and look forward to further developing our offering using the extensive experience and innovative solutions of our new shareholder. Most important, we will continue to offer our clients protection for what is most valuable for them: their lives and health," said Aneta PODYMA-MILCZAREK, President of PRAMERICA Zycie.
UNUM Group is a provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are UNUM US, COLONIAL Life, STARMOUNT and UNUM UK. UNUM's portfolio includes disability, life, accident and critical illness, dental, vision and stop-loss coverage. The company reported revenues of USD 11 billion in 2016, and provided USD 6.9 billion in benefits.
PRAMERICA Zycie operates a group and individual risk protection provider and offers coverage in life insurance products. According to the most recent market figures published on the Polish Financial Supervision Authority (KNF) website, at the end of September 2017 the Polish life insurance industry totaled PLN 18.29 billion (EUR 4.25 billion) in gross written premiums. Out of a total of 27 life insurers, PRAMERICA Zycie ranked 19th - with PLN 194.89 million (EUR 45.23 million) - the equivalent of a 1.07% market share.