VIG acquiring Axa's Serbian units

Austria-based Vienna Insurance Group is acquiring Axa S.A.'s life and nonlife insurers in Serbia, reported The Financial.

VIG will acquire nonlife insurer AXA Nezivotna Osiguranje a.d.o. Beograd and life insurer AXA Zivotno Osiguranje a.d.o. Beograd. The purchase agreement was signed on July 6. "Serbia is one of the four markets where we aim to reach a market share of at least 10% over the medium term," VIG chief executive Elisabeth Stadler. The acquisition is subject to approval by local authorities.

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