French insurer AXA SA (AXA) Friday said it will acquire Omniasig Life, entering the Romanian life insurance market as part of its aim to expand its activities in emerging markets.

MAIN FACTS:

- The Romanian market, with its low life insurance penetration rate compared to the rest of the European Union, offers AXA significant growth potential.

- Created in 1997, Omniasig Life sells protection products, representing premiums of EUR12 million in 2008, through a network of around 1,400 agents of which a quarter are proprietary channel.

- The closing of this operation is subject to regulatory approval and is expected to take place during the first half of 2010.

- The deal follows the buyout by AXA of the minority interests in its Hungarian, Czech and Polish subsidiaries from the European Bank for Reconstruction and Development in December 2009.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740
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