AXA S.A. receives regulatory approval to operate as a licensed reinsurer
AXA announced that AXA S.A., the holding company of AXA Group, has obtained its reinsurance license from the Autorité de contrôle prudentiel et de résolution (ACPR – the French Prudential Supervision and Resolution Authority)* , in the context of the previously announced transformation of AXA S.A. into AXA Group’ s internal reinsurer.
The transformation of AXA S.A .into the Group’s internal reinsurer aims to enhance capital fungibility across AXA Group** , in line with AXA’s capital management policy.
The transformation will be complete following the merger*** of AXA S.A. and its captive reinsurer, AXA Global Re, currently expected at the end of June 2022.
*The grant of AXA S.A.’s reinsurance license follows shareholder approval relating to the necessary changes to AXA S.A.’s bylaws at its Annual Shareholders’ Meeting held on April 28, 2022.
**AXA S.A. intends to reinsure part of its European P&C carriers through annually renewable quota share reinsurance treaties.
***Such merger is subject to customary regulatory approvals.
NN Group obtains approval from the Polish regulator to acquire MetLife in Poland
NN Group (NN) announced that it has received approval from the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) with regard to the acquisition of MetLife’s business activities in Poland. The agreement to acquire MetLife’s businesses in both Greece and Poland was announced on 5 July 2021.
The transaction will strengthen NN’s leading position in life insurance in Poland and will expand its distribution channels.
Today’s approval follows the competition clearance obtained from the European Commission on 7 December 2021. The transaction to acquire MetLife’s businesses in Poland is expected to be completed in April 2022. NN Group completed the acquisition of MetLife’s businesses in Greece on 31 January 2022.
Approval of the Draft Merger Agreement between Eurobank Ergasias S.A. and the company Grivalia Properties Real Estate Investment Company
The Board of Directors of Eurobank Ergasias S.A. (“Eurobank”) and Grivalia Properties Real Estate Investment Company (“Grivalia”) announce that at their respective meetings on 22.2.2019 they approved the Draft Merger Agreement for the absorption of Grivalia by Eurobank according to the provisions of articles 68 par. 2, 69-70, 72-77a of the Greek Codified Law 2190/1920, in conjunction with the provisions of articles 1-5 of Greek Law 2166/1993 and the provisions of article 16 of Greek Law 2515/1997, as applicable.
The merger shall be conducted by accounting consolidation of assets and liabilities of the companies being merged and, specifically, by contribution of Grivalia’s assets and liabilities to Eurobank, as described on the merger balance sheet of 31st December 2018 of Grivalia.
The proposed share exchange ratio is 15.80000000414930 new common registered Eurobank shares for every 1 common registered Grivalia share, while Eurobank’s shareholders will retain the number of common Eurobank shares they currently hold.
The above is subject to the conditions that have already been announced, including the approval of the Draft Merger Agreement by the General Meetings of shareholders of the merging companies and the receipt of all necessary permissions and approvals by the competent Authorities.
The merging companies will keep the investment community updated on the progress of the merging process.