A decision is expected within the legal term of 45 days, the Romanian Competition Council said in a press release Friday.
End-November, French group AXA confirmed it had sold its operations in Romania to insurer Astra Asigurari, owned by Romanian businessman Dan Adamescu, and would exit the local market. The two parties agreed not to disclose the transaction’s terms and conditions.
The deal entails takeover of 38,000 contracts valid at the end of September, according to the national association of Romanian insurers UNSAR.
The company had revenues from underwritings of RON23.3 million in the first nine months of the year, from RON20.6 million in the same period the year before.
In 2012, AXA Life Insurance Romania’s underwritings increased 31%, to RON32.5 million. The company ended 2012 with a loss of RON43.84 million (nearly EUR10 million), 11% more than in 2011.
France’s AXA entered the Romanian market in 2010, when it bought Omniasig Asigurari de Viata from Vienna Insurance Group (VIG). The group invested RON29.3 million in its Romanian subsidiary following the takeover, excluding payment to VIG.
Astra Asigurari, the leading Romanian insurer, had revenues form underwritings of RON601.7 million in the first half of the year, up 16%. The insurance company was founded in 1991 and has a share capital of RON192.71 million controlled by The Nova Group Investments Romania SA – 72.68% and Epsilon Estate Provider SRL- 27.02%, both of which are controlled by local businessman Dan Adamescu.
Astra Asigurari has two subsidiaries outside Romania: one in Hungary, opened at the end of 2010, and one in Slovakia, opened in December 2012.