AXA sells Serbian operations to VIG
Insurance firm AXA has agreed with Vienna Insurance Group (VIG) to sell its life/savings and property/casualty operations in Serbia, and exit the Serbian market.
Under the terms of agreement, VIG will own 100 percent of the life and non-life entities, however, both sides have agreed not to reveal the terms and conditions of the transaction.
According to VIG, this process is to increase its market share in Serbia by around 11.5 percent, but the acquisition is subject to local authority approval.
Elisabeth Stadler, chief executive officer (CEO) of VIG, said: Based on positive economic forecasts, Serbia is a clear growth and investment market for VIG. Serbia is one of the four markets where we aim to reach a market share of at least 10 percent over the medium term.”
AXA UK and Serbia have more than 106,000 customers, have generated slightly more than 12 million Euros ($13,227,600) premiums in 2015 and have a market share of 1.8 percent.
Peter Höfinger, managing board member for VIG Serbia, added: “The two companies have a range of products in the casualty, motor, household and life insurances business. This is similar to the products we are already offering very successfully through our existing company Wiener Städtische Osiguranje.
“This fits very well with our sales strategy and, moreover, we will have the opportunity to significantly strengthen our sales force through this acquisition. AXA Serbia also counts to the leaders in the future-oriented area of digitalisation.”
