Romania’s Financial Supervisory Authority (ASF) approved the takeover of the insurance firm AXA Asigurari de Viata, the local subsidiary of the French insurance giant AXA, by the Austrian group Vienna Insurance Group (VIG).

VIG will make the purchase via its subsidiary BCR Asigurari de Viata. The transaction was announced by Profit.ro in the summer of 2016.

According to Profit.ro, AXA will bring some EUR 30 million worth of fresh capital to its local subsidiary before selling it to VIG.

Vienna Insurance Group is the majority stakeholder in local firms Asirom, Omniasig, and BCR Asigurari de Viata. It is the biggest investor in the local insurance market, with a market share of about 25%. On the European insurance market, VIG is a player of small to medium size. However, it represents a significant force on the Central and Eastern European region, having a significant presence in Hungary, Slovakia, Poland, and Romania.

VIG and AXA conducted several joint transactions in Central and South Eastern Europe. Most recently, the Austrians took over French group’s operations in Hungary and the Czech Republic.

editor@romania-insider.com