Vienna Insurance Group (VIG) has taken over AXA Life Insurance Romania. The buyers are the two VIG group companies, BCR Asigurari de Viata and Omniasig, reads a release issued by the group.
The purchase agreement of AXA Life Insurance SA (AXA Asigurari de Viata) was signed on August 3, 2016 and the transaction is subject to approval by local authorities.
AXA Asigurari de Viata recorded gross premium income of EUR 4.5 million in 2015, primarily from traditional life insurance policies, capital.ro informs.
“The Romanian life insurance market grew 11% in 2015. Our existing VIG group company BCR Life, the second largest player in the Romanian life insurance market, with a market share of 14.4%, also recorded significant growth in the previous year,” Elisabeth Stadler, CEO of Vienna Insurance Group, said.
According to Stadler, Romania’s growth prospects are also promising.
“Thanks to a rapid increase in private consumption, experts expect GDP to grow increase by 4% this year. GDP growth in 2017 and 2018 is expected to be around 3.5%,” Elisabeth Stadler said.
Vienna Insurance Group comprises around 50 companies from 25 countries. VIG has approximately 23,000 employees and operates in a region with 180 million inhabitants.