AXA announced today it has entered into an agreement with Alpha Bank to acquire its insurance subsidiary Alpha Insurance for Euro 255 million. AXA and Alpha Bank, Greece’s second largest bank, have signed a long–term exclusive agreement to pursue and strengthen the existing bancassurance partnership.
Alpha Insurance is one of the top ten composite insurers on the Greek market with solid positions on profitable segments. It has a strong distribution network, notably through its 700 tied agents and the 380 branches of Alpha Bank. Alpha Insurance recorded revenues of Euro 151 million in 2005. It will be integrated to AXA’s Mediterranean Region platform upon completion of the acquisition.
Jean-Raymond Abat, Head of AXA’s Mediterranean Region, said:
“The acquisition of Alpha Insurance is an excellent opportunity to enter the Greek market, which offers very attractive growth prospects. By combining AXA’s insurance expertise with Alpha Bank's distribution capability, we are confident of ensuring the future success and development of the Alpha Insurance business in Greece”.
Completion of the acquisition is subject to regulatory approvals in Greece.
About AXA in the Gulf
AXA in the GCC, with a workforce of over 360 employees, 11 offices region-wide, a substantial customer base and a premium income of over US$180 million, is a major international insurer in the Middle East with a presence in the UAE, Bahrain, Oman and the KSA. They offer a wide range of insurance products and services for corporate and individual customers.
About the AXA Group
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had USD 1,362 billion in assets under management as of December 31, 2005. For full year 2005, IFRS revenues amounted to USD 92 billion and IFRS underlying earnings amounted to USD 4,170 million. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
