AXA to acquire Alpha Insurance

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.