AXA to acquire Seguro Directo

AXA is to acquire from the group Caixa Geral de Depósitos the insurance company "Seguro Directo Gere - Companhia de Seguros, S.A.". Usually known as Seguro Directo, the company operates in the direct insurance market in Portugal (by telephone and Internet), where it has a market share of almost 50% and gross revenues of approximately Euro 23 million.

This acquisition is consistent with the growth strategy of AXA Portugal and will allow the company to diversify its distribution channels and further improve the service to its 700.000 clients.

AXA has the objective of growing the direct distribution channel and re-establishing the leadership position Seguro Directo once held in Portugal.

The transaction is subject to regulatory approvals, including the Portuguese Insurance Institute and Anti-trust Authority).