AXA Sells Central, Eastern European Units to Austria’s Uniqa
AXA in April 2020 struck a deal to sell its Life & Savings, Property & Casualty, and Pension business operations in Poland, the Czech Republic, and Slovakia to Austria’s Uniqa Insurance Group for €1bn.
Uniqa, which lacked critical mass in major eastern European markets, outbid Generali, and Austria-based AG. Uniqa has core markets in Austria, Central and Eastern Europe, and 20,000 employees serving 10.1 million customers in 18 different countries, including Switzerland and Lichtenstein. It is the second-largest group in Austria, where their market share is 21 percent.
The sale is expected to take place in Q4, 2020, and is part of a streamlining move by AXA that is pivoting away from life insurance and from less profitable markets.
Uniqa will gain 5 million new customers and €800 million in additional premiums. Specifically, AXA Poland had 3.2 million customers and earned €585 million in premiums in 2018; AXA Czech Republic and Slovakia had 1.6 million clients and €170 million in premiums.