AXA Life Insurance Romania widens loss in 2013

AXA Life Insurance Romania, part of French group AXA, registered losses of RON 45.9 million (EUR 10.4 million) in 2013, up 4.9 percent year-on-year, reports local news agency Mediafax. This was the company’s fourth consecutive year with negative results. In November last year, AXA announced it planned to sell the insurance operations in Romania to Astra Asigurari, and exit the local market. The transaction is pending regulatory approval. At the end of 2013, AXA Life Insurance had a share capital of RON 154.2 million (some EUR 35 million). AXA entered the Romanian market in 2010, when it took over Omniasig Asigurari de Viata from Vienna Insurance Group. According to AXA Life Insurance Romania, the French Group invested over EUR 29 million in its local subsidiary since the takeover. Irina Popescu, irina.popescu@romania-insider.com