January 17 (SeeNews) - Bulgaria-based DZI Life Insurance, owned by Belgium's KBC Group, has received an approval by the Bulgarian financial regulator to acquire full ownership of Sofia-based UBB-MetLife Life Insurance Company, the regulator said.
"The Financial Supervision Commission (FSC) approves the direct acquisition of 100% of the capital of UBB-MetLife Life Insurance Company by DZI Life Insurance," the regulator said in a statement late on Tuesday.
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In December, KBC Group said it agreed to acquire MetLife's 40% stake in their Bulgaria-registered life insurance joint venture UBB-MetLife Life Insurance Company, thus becoming a full owner of the company.
In June, as part of KBC’s acquisition of Bulgaria's United Bulgarian Bank UBB and Interlease, KBC acquired 60% of UBB-MetLife Life Insurance Company. The life insurance products of the company are exclusively distributed via UBB's branches.
UBB-MetLife Life Insurance Company has a share of 10% of the Bulgarian life insurance market.
Combined, DZI and UBB-MetLife Life Insurance Company will have a market share of 21% of the Bulgarian life insurance market.
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