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.
Author: Vlad BOLDIJAR
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