Representatives of insurance firm Axa have informed that its life insurance arm Axa Życie received a capital injection in Q3 of this year amounting to zł.200 million.

The financial support came via a share issue which was bought by the largest shareholder, France-registered Societe Beaujon, which held a stake of 52.9 percent in the firm before the rise in capital.

Analysts speculate that the additional funds might be used for a potential acquisition, as the institution fulfills all requirements set by the Financial Supervisory Authority (KNF) and is considered as one of the safest life insurers in Poland.

"The capital injection came in relation to further financing of the development of the Axa group in Poland," said Axa's chief accountant Radosław Gołaszewski.

There is speculation that the firm is eying financial advisory firm Finamo as a potential acquisition target, and that these funds will be used for this purpose.

None of these companies wanted to comment on the rumors.

Source: Parkiet