OREANDA-NEWS. AXA announced today that it would acquire Liberty Ubezpieczenia, the Polish Property & Casualty operations of Liberty Mutual Insurance Group for a total consideration of PLN 92.3 million (or Euro 21 million) plus the net asset value outstanding as of the date of closing.

Liberty Ubezpieczenia is a Polish P&C insurer which recorded gross written premiums of PLN 315 million (or Euro 75 million) in 2014. It benefits from a distribution mix well balanced between agencies, direct and car dealers.

This transaction would allow AXA to further strengthen its presence in Poland, which is one of the most attractive insurance markets in Central and Eastern Europe. AXA would reach 4.4% market share in Property & Casualty, up from 3.2% currently .

This transaction would follow the acquisition of BREU and the entry into a partnership with mBank both in March 2015, and would be aligned with AXA’s strategy in Poland to further diversify distribution channels and expand the product portfolio.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place before the end of the third quarter of 2016.

ABOUT AXA IN POLAND

AXA has been in Poland since 2006 offering Life & Savings, Personal Accident, Motor, Travel, Pension insurance products and asset management services to over 2 million clients. AXA provides Property & Casualty insurance cover for corporate clients, including international corporations, as well as individual customers, notably via AXA Direct Poland, which is the #3 Direct Motor insurer in the country.

In 2014, AXA had a 4.1% market share in Life & Savings insurance and a 3.2% in Property & Casualty. In 2015, AXA entered into a 10-year exclusive bancassurance agreement with mBank, and acquired 100% of BRE Ubezpieczenia TUiR, mBank’s Property & Casualty insurance subsidiary.

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in assets under management as of December 31, 2014. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.