Powszechny Zakład Ubezpieczeń (PZU) has signed a conditional agreement to buy all shares in MetLife Ukraine, a key player in Ukraine’s life insurance market.
Financial specifics of the deal remain undisclosed.
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The deal would increase PZU Group’s presence in central and eastern Europe (CEE) and enlarge its life insurance business in line with its regional strategy.
MetLife Ukraine holds apprximately 50% of the market and serves around 900,000 active customers.
Its range of products includes individual and group life cover, as well as health, accident and employee benefits policies.
The insurer distributes its products through several channels including brokers, bank partnerships and its own agent network.
PZU said the transaction fits its plan to grow in CEE, especially in countries where it already operates.
It described the deal as financially “attractive”.
MetLife Ukraine is said to have a good capital base, profitability of around 20% and liquidity that supports dividend payments.
For PZU Ukraine, the acquisition would add scale, broaden access to sales channels, and bring product expertise, an established workforce and a large customer base.
PZU CEO Bogdan Benczak said: “The acquisition of MetLife Ukraine is an important step in implementing our long-term strategy to develop a strong, international insurance and financial group in central and eastern Europe.
“We are investing in a market leader with an experienced team and a resilient business model that strengthens our presence in Ukraine and significantly increases the scale of our life insurance operations. This decision combines strategic ambitions with strong business rationale.”
In June last year, Polish bank Pekao signed a memorandum of understanding with PZU regarding a possible merger.
If completed, the transaction would involve PZU first demerging by transferring its operations to a wholly owned subsidiary and becoming a holding company, then merging into Bank Pekao as the acquired entity.
