AXA announced today it had entered into an agreement with Vienna Insurance Group to sell its Life & Savings insurance operations in Romania and exit the Romanian market. Under the terms of the agreement, Vienna Insurance Group would acquire 100% of AXA Life Insurance SA (1) through its BCR Life and Omniasig entities. The parties agreed not to disclose the terms and conditions of the transaction. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
(1) AXA Life Insurance SA is the AXA Life & Savings operating entity in Romania