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KIEV, Ukraine AXA S.A. and BNP Paribas have entered into a partnership in the Ukrainian property and casualty insurance market.
Under the terms of the agreement, AXA will acquire a 50% in Ukrainian Insurance Alliance from BNP Paribas' subsidiary UkrSibbank. The transaction is expected to take place by the end of the year.
UIA concentrates on motor and property insurance and has 1,000 branches. Last year, it doubled its revenue to $35 million.
In a statement, AXA pointed to the promise in the Ukrainian market: "the Ukrainian insurance industry is still very fragmented with the top 10 players, including UIA, controlling just above 40% of the market. It enjoys very strong growth potential, with 47 million inhabitants and a very low penetration rate."