UNIQA has completed the acquisition of the AXA subsidiaries in Poland, the Czech Republic, and Slovakia – and thereby the largest purchase in the company's history.
- UNIQA now among the top 5 in the CEE region
- 5 million new customers with 800 million in premiums
- Successful single-brand strategy to be continued
At the beginning of February, UNIQA announced the acquisition of the AXA subsidiaries in Poland, the Czech Republic, and Slovakia, subject to regulatory and official approvals.
With a purchase price of EUR 1 billion, it is both the largest acquisition in the history of the UNIQA Insurance Group AG (UNIQA) and the largest acquisition to date in the Austrian insurance industry in the CEE region. After all necessary approvals had been issued, the transaction was formally completed. Despite the challenging situation and the travel restrictions that are in place, the closing was implemented within eight months.Strengthening the Market Position in the CEE Growth Markets
With this acquisition, UNIQA is strengthening its market position in the highly competitive CEE growth markets. Not only in Poland, but also in the Czech Republic and Slovakia, the UNIQA Group now holds a top 5 position and is thereby sustainably increasing its market and brand presence in the entire CEE region. 5 million new customers with a premium volume of EUR 800 million have increased the UNIQA Group's customer base to more than 15 million.
"We have been operating successfully in the CEE region for 20 years. For us, the growth markets in Central and Eastern Europe are our second home market. With the purchase of the AXA companies, the profitable retail business and balanced product mix perfectly match our long-term growth strategy, we are now one of the leading insurance groups in the CEE region," comments Andreas Brand-stetter, CEO of the UNIQA Group.UNIQA Financially Sound – Acquisition Without Capital Increase
No capital increase was required for the acquisition. The purchase was financed from the company’s own funds as well as the issue of a 10-year senior bond with a volume of EUR 600 million.
Even after the acquisition that has now taken place, UNIQA Group continues to be very well capitalised. The rating agency Standard & Poor's confirmed the "A-" rating for UNIQA's long-term creditworthiness and financial strength.Despite COVID-19 – Focus on Rapid Integration and Increased Profitability
Despite the current COVID-19-crisis and the fact that the companies are currently working together primarily via digital media, the focus is on the swift merging of the local companies under a common roof.
"The integration of the new companies shall be completed quickly. We have drawn up detailed integration plans in recent months and will be implementing these as quickly as possible. In accordance with our single-brand strategy, we will be starting the rebranding of the new companies in the coming months in order to be able to welcome both customers and employees to the world of UNIQA as soon as possible. We are also pleased to have obtained a great deal of expertise and additional top talent for the entire UNIQA Group with this acquisition. Together with our new colleagues, we are now starting to achieve the additional growth potential in the markets and further increase UNIQA's profitability in the CEE region," comments Wolfgang Kindl, Member of the Management Board Customer & Market International of UNIQA GroupUNIQAThe UNIQA Group is one of the leading insurance groups for its core markets of Austria and Central and Eastern Europe (CEE). Around 21,300 employees and exclusive sales partners serve around 15.5 million customers in 18 countries. UNIQA is the second-largest insurance group in Austria with a market share of more than 21 per cent. UNIQA operates in 15 markets in the CEE growth region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czechia, Hungary, Kosovo, Montenegro, Northern Macedonia, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. The UNIQA Group also includes insurance companies in Switzerland and Liechtenstein.