AXA Group

AXA and BNP Paribas announced on June 8, they had reached an agreement for the establishment of a partnership on the Ukrainian property & casualty insurance market. AXA will acquire from BNP Paribas' subsidiary UkrSibbank a 50% stake in its insurance subsidiary: Ukrainian Insurance Alliance (UIA). AXA will take the management control of the joint company, which will benefit from an exclusive bancassurance distribution agreement with UkrSibbank for an initial period of 10 years.

UIA sells mostly individual motor and property insurance through UkrSibbank's 1000 branches. In 2006, it more than doubled its revenues compared to the previous year to $35 million. Following this operation, UIA will be well positioned to seize the growth prospects of the Ukrainian market, by combining the strength of UkrSibbank's network and AXA's expertise in insurance product development, client service and claims management.