AXA is set to exit the Serbian market after agreeing tosell its life & savings and property & casualty operations in Serbia toVienna Insurance GroupAG.
Under the deal, Vienna Insurance will acquire 100% ofnonlife business AXA Nezivotna Osiguranje a.d.o. Beograd and life division AXAZivotno Osiguranje a.d.o. Beograd. Other terms and conditions of the deal werenot disclosed.
Vienna Insurance managing board member Peter Höfinger saidthe AXA companies offer products similar to those being offered by ViennaInsurance's existing Serbian unit, Wiener Stadtische osiguranje a.d.o. "This fits verywell with our sales strategy and moreover, we will have the opportunity tosignificantly strengthen our sales force through this acquisition," headded.
Vienna Insurance noted that the acquisition will increaseits share in the Serbian market to about 11.5%.
The acquisition is subject to approval by local regulatorsand other customary closing conditions.