Generali acquired the Greek operations of the French insurance company Axa, as part of the plan to expand its activity in Europe in the general and health insurance segment, Reuters and Bloomberg report.
The Italian insurance group will pay 165 million euros ($ 203 million) for Axa Greece and announced the extension of the distribution agreement between Axa and Alpha Bank for 20 years, after March 2027.
Axa currently sells insurance products in Greece through a long-term distribution agreement with Alpha Bank.
The transaction between Generali and Axa is expected to be completed in the second quarter of 2021, subject to regulatory approval.
In 2019, Axa Greece reported gross insurance premiums amounting to approximately 168 million euros.
Axa is the second largest European insurer, being overtaken by the German group Allianz.