December 1 (SeeNews) - The Vienna Insurance Group (VIG) said it closed the acquisition of the Serbian non-life and life insurance subsidiaries of France-based AXA Group.
The final regulatory approval for the share purchase agreement was granted, and the acquisition of non-life company AXA Nezivotno Osiguranje a.d.o. Beograd and life company AXA Zivotno Osiguranje a.d.o. Beograd was closed on November 30, VIG said in a statement on Wednesday.
You can subscribe to our M&A newsletter here
“Based on the positive economic forecasts, Serbia is a clear growth and investment market for VIG. We aimed at increasing our market share to at least 10% over the medium term and are very satisfied, having already achieved this goal”, managing board member Peter Hoefinger said in the statement.
The Vienna-based insurer agreed to buy AXA Zivotno Osiguranje and AXA Nezivotno Osiguranje in July for an undisclosed sum. In its financial report for the first nine months of 2016, VIG said it expects its market share in Serbia to reach 11.5% after the final regulatory approval for the deal is granted.
VIG reported a 2.5 million euro ($2.6 million) pre-tax profit from operations in Serbia, up 22.4% on the year, in the first nine months of 2016. The insurer operates in Serbia through its local unit Wiener Stadtische Osiguranje.
($ = 0.943682 euro)
Wiener Stadtische Osiguranje AD is among the biggest insurers in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here