Vienna Insurance Group (VIG) has taken over AXA Life Insurance Romania, through two member companies of VIG, BCR Life Insurance and Omniasig, reads a group’s release on Thursday.
The agreement for the takeover of AXA Life Insurance SA was signed on 3 August 2016 and the transaction is conditional on the approval of local authorities.
AXA Life Insurance recorded gross premium revenues of 4.5 million euros in 2015, mainly from traditional life insurance policies.
“The market for life insurance in Romania increased by 11pct in 2015. Also BCR Life Insurance, a member of VIG group and the second-largest player on the life insurance market in Romania, with a market share of 14.4pct, saw a significant increase last year,” said Elisabeth Stadler, CEO of Vienna Insurance Group.
According to Stadler, the economic growth outlook for Romania is also promising.
“Partly due to the fast pace of private consumption, experts forecast that GDP will increase by over 4pct this year. The economic growth estimates for 2017 and 2018 are some 3.5pct,” says Elisabeth Stadler.
Vienna Insurance Group is made up of around 50 companies in 25 countries. VIG has approximately 23,000 employees and operates in a region with 180 million inhabitants.