Vienna Insurance Group (VIG), the largest player on the Romanian insurance market, bought Axa Life Insurance from French Axa group through its subsidiaries BCR Asigurari de Viata and Omniasig. The transaction is pending approval by local authorities.
It is the third attempt of the French group to sell its operations in Romania. The group also exited the Serbian market this summer. In 2015, Axa underwrote gross premiums of RON20 million.
VIG, through its subsidiaries BCR Asigurari de Viata, Omniasig and Asirom, reported an increase of 37.3% in premiums underwritten in the first half of 2016 in Romania, mainly due to the auto insurance segment, and a profit of EUR3.6 million. On a group level, the largest in Central Europe, the profit reached EUR449.5 million, down 13.2%.