AXA sells CEE units

Uniqa Insurance Group AG, through UNIQA Österreich Versicherungen AG, recently completed the acquisition of Axa’s subsidiaries in Poland, the Czech Republic and Slovakia for a consideration of about EUR1 billion.

The transaction follows the receipt of all necessary regulatory approvals. The integration of the acquired entities into Uniqa will begin immediately, according to news reports.

Axa said the completion of the transaction is expected to add two percentage points to its group Solvency II ratio in the fourth quarter. The company expects the solvency capital ratio to be in the upper part of a target range of between 155 percent and 190 percent.