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AXA completes €1bn sale of CEE business to UNIQA

Written by Adam Cadle
16/10/2020

AXA has completed the sale of its life and savings, property and casualty and pension businesses in Poland, Czech Republic and Slovakia to UNIQA, for a total cash consideration of €1bn.

The completion of the transaction is expected to result in a positive impact of +2 points on AXA group’s solvency II ratio in Q4 2020.

It is both the largest acquisition in the history of UNIQA and the largest acquisition to date in the Austrian insurance industry in the CEE region.

In a statement on its website UNIQA said: "Not only in Poland, but also in the Czech Republic and Slovakia, UNIQA now holds a top five position and is thereby sustainably increasing its market and brand presence in the entire CEE region. Five million new customers with a premium volume of €800m have increased the UNIQA group's customer base to more than 15 million.

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