French-headquartered Axa has entered into an agreement with Uniqa Insurance Group to sell its operations in Poland, Czech Republic and Slovakia.
Under the terms of the agreement, Axa will sell 100% of its life and savings, property and casualty and pension businesses in central and eastern Europe for a total cash consideration of just over €1bn (£847m, $1.1bn).
Axa Poland offers a full range of products and solutions to around 3.2 million customers, while Axa Czech Republic and Slovakia reaches out to around 1.6 million retail clients.
Andreas Brandstetter, Uniqa chief executive, said: “We have been aware of the Axa companies for a long time; they are an excellent fit with our long-term strategy.
“Their strong focus on profitable retail business and balanced product mix complement our existing business and make us the number five in the growing central and eastern Europe region.”
The completion of the deal is subject to regulatory approval and is expected to be finalised by Q4 2020.
UK consolidator strikes again
Elsewhere, Independent Wealth Planners UK (IWP) has acquired financial planning firm AGL Wealth Management for an undisclosed sum.
Based in Glasgow and Edinburgh, AGL Wealth Management was founded in 2009 by Craig Gibson.
He was previously a founding member of RBS Private Banking and RBS Private Client Group, looking after high net worth clients, entrepreneurs and business owners.
AGL has a team of five wealth management and financial planning advisers, who look after £100m ($129m, €118m) in assets under management.
This is IWP’s first Scottish acquisition and its seventh deal since its inception in November.
IWP most recently bought Wigan-based financial planning firm Prosper Wealth Management.
