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The French group AXA to sold their operations for life insurance to Astra Asigurari and leaves the Romanian market

The French group AXA announced on Friday they signed an agreement with Astra Asigurari through which they sell their life insurance operations and will leave the Romanian market. The two parties established not to reveal the terms and conditions of the trading.

The finalisation of the trading will take place after the meeting of all conditions, including the approval on the part of the authorities.

The French group AXA took over in 2010 the majority package of shares owned by Vienna Insurance Group (VIG) with Omniasig Life Insurance. AXA Life Insurance launched officially in May 2011 on the Romanian market and after four months of activity had 41 territorial agencies, out of which 15 are developed according to the new concept “client-corner”, a special corner organised for discussions with clients and over 600 consultants. At that moment, the AXA plans were to get 100 agencies and 2000 consultants in the next two years.

Last year, the income of AXA Life Asigurari were over 32.4 million lei, the company having a market share of 1.8% on the segment of life insurance, according to the data of ASF. The value of gross payments to the insured by AXA in 2012 went up to 13 million lei. The company ended the year with a loss of over 43.8 million lei.

Astra Asigurari, controlled indirectly by the businessman Dan Adamescu is the leader on the local market of insurances according to the turnover for 2012, which grew by 12.3% up to 1.13 billion lei.
Astra Asigurari is the first in the top of complaints made last year by the insured to the CSA ( Commission for the Supervision of Insurances).

The shareholders are The Nova Group Investments Romania SA – 72.68% and Epsilor Estate Provider SRL – 27.02% both companies being controlled indirectly by the businessman Dan Adamescu.