AXA enters the Romanian life insurance market

With this operation, the company enters the Romanian life insurance market, in line with its objective of accelerating the development of its activities in emerging countries, notably in Central and Eastern Europe.

After the buyout of the minority interests of its Hungarian, Czech and Polish subsidiaries held by the EBRD in December 2009, the acquisition of Omniasig Life gives AXA an opportunity for development in what it sees as the high growth potential market of Central and Eastern Europe.

The Romanian market, with its low life insurance penetration rate compared to the rest of the European Union, offers AXA significant growth potential, the company believes.

Created in 1997, Omniasig Life sells protection products, representing premiums of EUR 12 million in 2008, through a network of about 1,400 agents.

The move will be sealed subject to regulatory approval, among other factors, and is expected to take place during the first half of 2010.

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Anda Dragan