07.02.2020 |
On the basis of a Management Board resolution with the Supervisory Board’s consent, UNIQA today signed a purchase agreement with AXA and its subsidiary Société Beaujon for the acquisition of shares in the AXA subsidiaries in Poland, the Czech Republic and Slovakia. The targets of the acquisition are life and non‑life insurance companies, investment firms, pension funds and service companies of the AXA Group in these countries. The purchase price is around €1 billion. The completion of the transaction is subject to all necessary regulatory approvals.
The premium volume of the insurance companies targeted by the acquisition comes to around €800 million altogether. The acquisition of the companies is in line with UNIQA’s strategy of growing further in countries in which it is already present. In light of UNIQA’s good capitalisation, UNIQA intends to finance the acquisition via borrowing rather than a capital increase. UNIQA currently expects the solvency capital ratio after the transaction is completed to be in the upper third of UNIQA’s present target corridor of 155 % to 190 %.
UNIQA Group
The UNIQA Group is one of the leading insurance companies in its core markets of Austria and Central and Eastern Europe (CEE). More than 21,000 employees and exclusive sales partners serve more than 17 million customers across 17 countries. UNIQA is the second largest insurance group in Austria with a market share of about 21 per cent. In the CEE growth region, UNIQA is present in 14 markets: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia and Ukraine. In addition, insurance companies in Switzerland and Liechtenstein are also part of the UNIQA Group.