July 7 (SeeNews) - Global insurer AXA Group said on Thursday it has entered into an agreement with Vienna Insurance Group to sell both its life and non-life insurance operations in Serbia and exit the Serbian market.
Under the terms of the agreement, Vienna Insurance Group AG would acquire 100% of life insurer AXA Zivotno Osiguranje and non-life insurer AXA Nezivotno Osiguranje, AXA Group said in a statement on its website.
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The parties agreed not to disclose the terms and conditions of the transaction.
The completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, the group added.
Once the deal is finalised, VIG will become Serbia's fourth largest insurer with a market share of 11%, AXA's Belgrade-based office said.