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News - South Korea: AXA acquires 100% of ERGO Daum Direct

Source: Asia Insurance Review | Jun 2012

AXA and ERGO Insurance Group have reached an agreement for AXA to acquire 100% of ERGO’s South Korean subsidiary, ERGO Daum Direct.

ERGO Daum Direct is the number four player in South Korea for direct motor insurance, with annual premiums of KRW260 billion (US$223 million) and currently serving more than 500,000 clients for non-life insurance products with a focus on motor insurance.

The acquisition reinforced AXA’s leading position in the market where AXA Direct Korea writes KRW534 billion of annual premiums and currently serves 950,000 clients.

Closing of the acquisition is subject to regulatory approvals.

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