UNIQA, an insurance group is set to acquire the Central and Eastern European business of AXA, an insurance brokerage firm, for €1bn($1.1bn). Under the terms of the agreement, AXA will sell 100% of its Life & Savings, Property & Casualty and Pension businesses in Poland, Czech Republic, and Slovakia. The acquisition results in 5m new customers and €800m ($877m) in additional premiums. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalized by Q4 2020. "This transaction marks another step in the simplification of AXA’s footprint, we are convinced that AXA’s operations in Central and Eastern Europe will benefit from UNIQA’s strong presence and local expertise in the region to create new growth opportunities with a continued focus on delivering enhanced customer value propositions. I would like to thank the management teams and all the employees of our Polish, Czech and Slovakian operations, for their continuous engagement over the years and wish them all the success for the future," Thomas Buberl, AXA CEO.