AXA is selling its operations in the Czech Republic, Poland, and Slovakia for EUR 1 billion to Austria’s UNIQA Insurance Group. UNIQA, already active on the Czech market, will now be among the top five insurance companies in Central and Eastern Europe.
The deal is subject to regulatory approval. The company expects it to be approved in the fourth quarter of this year. The operations consist of insurance, investment companies, pension funds, and AXA Group service companies.
AXA employs 171,000 people worldwide and has 105 million clients in 61 countries. In the Czech Republic and Slovakia, net profit rose by 29 percent to CZK 725 million in 2018.
UNIQA is Austria’s largest insurance group. In the Czech Republic, it is one of the seven largest insurance companies. In the first half of last year, it collected CZK 3.8 billion in premiums in the Czech Republic, up by 8% YoY.
AXA employs 2,100 people in three Central European countries and has 527 employees in the Czech Republic. With the acquisition of AXA Group’s Czech, Polish, and Slovak activities, UNIQA will acquire five million new clients.