PZU Acquires the Leader of the Ukrainian Insurance Market: What Is Known About the Deal
4 May 14:52
The Polish insurance group PZU has announced the acquisition of 100% of the shares in MetLife Ukraine, the leader of the Ukrainian life insurance market. The deal is expected to significantly strengthen PZU’s position in Ukraine and serve as one of the most notable investment signals for the financial sector during the war. This was reported on PZU’s website, according to "Komersant Ukrainian"
MetLife Ukraine is currently owned by American Income Life Insurance Company, a subsidiary of Globe Life.
What is known about the deal
PZU SA has signed a preliminary agreement to acquire 100% of the shares in MetLife Ukraine. Upon completion of the transaction, MetLife’s Ukrainian business will come under the control of the Polish insurance group. The deal still needs to undergo the necessary regulatory approvals.
For PZU, this represents a strategic expansion in the Ukrainian market. The company will gain:
- the market leader in life insurance;
- nearly 1 million active customers;
- an extensive distribution network;
- partnerships with banks;
- a portfolio of individual and corporate insurance products.
Why MetLife Ukraine is important to the market
MetLife Ukraine is the largest player in the Ukrainian life insurance market. As of early 2026, the company held a 49.2% share of the life insurance premium market.
MetLife Ukraine is the largest life insurance company in Ukraine with a market share of approximately 50%. The company serves about 900,000 active customers and offers a broad portfolio of products, ranging from individual and group life insurance to health and accident insurance, as well as employee benefit programs.
By comparison, PZU Ukraine Life Insurance held a 6.8% market share.
According to Forinsurer, in 2025, MetLife collected over UAH 3 billion in insurance premiums, while PZU Ukraine Life Insurance collected UAH 409 million. This illustrates the scale of the difference between the companies prior to the deal.
In 2025, MetLife Ukraine was one of the most profitable insurance companies in the country. According to the data, the company generated nearly UAH 1 billion in profit.
MetLife also made a significant number of payouts in the life insurance market.
What PZU Will Gain from the Acquisition
Following the acquisition of MetLife, the Polish PZU Group will significantly strengthen its position in the Ukrainian life insurance segment. While PZU was already present in Ukraine but did not dominate the life insurance segment, upon completion of the deal, it will effectively gain control over the largest player in this market.
This will allow PZU to:
- expand its customer base;
- expand life insurance sales;
- strengthen banking partnerships;
- enter a broader corporate segment;
- leverage MetLife’s expertise in long-term savings and protection programs.
What PZU said
PZU CEO Bogdan Benczak stated that the company is investing in a strong market leader with a sustainable business model.
“The acquisition of MetLife Ukraine is an important step in implementing our long-term strategy to develop a strong international insurance and financial group in Central and Eastern Europe. We are investing in a market leader with an experienced team and a sustainable business model, which strengthens our presence in Ukraine and significantly expands the scale of our life insurance operations. This decision combines strategic ambitions with a solid business rationale,”said Benczak.
PZU also emphasizes that the Ukrainian life insurance market remains one of the least saturated in Central and Eastern Europe and therefore has potential for long-term growth.
How PZU Insured the Risks
An important detail of the deal is that PZU insured the investment risks through the Polish Export Credit Insurance Corporation (KUKE). This covers political and military risks.
This is particularly important for a foreign investor, as Ukraine remains a high-risk country due to the full-scale war. Having such insurance can make the deal safer for the buyer.
What is known about PZU
PZU is Poland’s largest insurance group and one of the largest financial institutions in Central and Eastern Europe. The group has been operating in Ukraine since 1993 and has two companies: PZU Ukraine and PZU Ukraine Life Insurance.
Prior to the acquisition of MetLife, PZU’s Ukrainian life insurance business was significantly smaller than the market leader. That is why the acquisition of MetLife could drastically change the balance of power in the life insurance segment.
