AXA is consolidating its position in South Korea

AXA is about to strengthen its position on the South Korean market thanks to the acquisition of Ergo Daum Direct. Both groups reached an agreement whereby Ergo Daum Direct would cede to AXA 100% from the country’s fourth largest motor insurer at a price that has not been disclosed. Ergo Daum Direct, founded in 2003, posted a premiums volume of 260 billion KRW (224 million USD) in 2011. The insurer has 500 000 non life customers, the most of which in the motor insurance. AXA, on its part, reported a turnover of 534 billion KRW (461 million USD) with a portfolio of 950 000 customers in 2011.