KBC Group, a Belgian financial services company, has reached an agreement to buy MetLife’s remaining 40% stake in life insurance joint venture (JV) UBB-MetLife Life Insurance Company.

Upon the completion of the deal, KBC will assume the full ownership of UBB-MetLife Life Insurance Company.

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UBB-MetLife Life Insurance Company has a 10% market share in Bulgaria life insurance market. KBC executed this deal through its Bulgarian insurance subsidiary DZI.

Once the deal is closed in the second quarter of 2018, UBB-MetLife Life together with DZI will have a market share of 21% in the Bulgarian life insurance market.

Also, KBC will distribute DZI life and non-life insurance products through UBB’s bank branches.

Through DZI, KBC will service the insurance policies of the existing UBB-MetLife customers until maturity of their policies.

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Earlier in June 2017, KBC purchased 60% of UBB-MetLife Life Insurance Company as part of acquisition of UBB and Interlease.