Vienna Insurance Group (VIG) has signed an agreement to acquire 100% stake in AXA Biztosító Zrt, the Hungarian insurance division of AXA Group, for an undisclosed amount.
The transaction is subject to approval by the relevant regulatory and competition authorities.
VIG CEO Peter Hagen said Hungary is one of those core markets where the company has been looking to enhance its presence for some time now. So, it is all the more pleasing that the company has completed this agreement before year-end.
"AXA Biztosító is the ideal complement to our life insurance portfolio, which also includes high-potential in unit-linked products," Hagen added.
During the first three quarters of 2013, AXA Biztosító recorded premiums written of nearly €31m.
Image:The transaction is subject to approval by the relevant regulatory and competition authorities. Photo courtesy of Mike Johnson.