Poland’s PZU Group has signed a conditional agreement to acquire 100% of MetLife Ukraine, the largest life insurance company in the country.
Signed less than a fortnight after the official announcement of Polish fintech ZEN.com acquiring PIN Bank, the deal marks another expansion of Polish investors in Ukraine’s market. This time, they bought the most popular life insurance company in Ukraine, which previously belonged to Americans.
MetLife Ukraine holds roughly 50% of the Ukrainian life insurance market and serves approximately 900,000 active customers. Its product portfolio spans individual and group life insurance, health and accident coverage, and employee benefit programs, distributed through brokers, bank partnerships, and an agent network.
Financial terms of the deal were not disclosed.
In its press release, the PZU Group said it found the transaction “financially attractive” because “MetLife Ukraine has a strong capital position, high profitability (approximately 20%), and liquidity that secures the ability to pay dividends.”
According to data from Ukraine’s central bank, the National Bank of Ukraine (NBU), MetLife Ukraine generated Hr.2.96 billion ($67.4 million) in life insurance premiums in 2025, alongside Hr.127.9 million ($2.9 million) in non-life premiums, bringing its total to Hr.3.086 billion ($70.3 million).
The overall life insurance market stood at Hr.6.011 billion ($136.9 million), giving MetLife a 49.2% share, while its share of the total insurance market, including non-life, was 4.3%. Operating since 2002, it offers life, health, and accident insurance for individuals and businesses, previously 99.9% owned by the American corporation MetLife, Inc.
The deal was advised on the sell side by Rothschild & Co and Ukrainian boutique FinPoint, according to a LinkedIn post by FinPoint founder Sergiy Budkin. The transaction marks FinPoint’s 29th deal in the financial institutions space since the firm’s founding in 2003.
What PZU says about acquiring MetLife in Ukraine
PZU, which already operates in Ukraine through PZU Ukraine, wrote life insurance operations in a market the group describes as “relatively under-saturated” compared to peers in Central and Eastern Europe. The Ukrainian life insurance sector has undergone significant consolidation since 2022, which PZU said has improved the stability of remaining operators.
The PZU Group addressed the risks associated with investing in a country affected by war. The investment was covered by KUKE (PFR Group) insurance, which protects against the negative consequences of a potential worsening of the military or political situation, the company wrote.
“The absence of political and force majeure risks, including the risk of war, creates the potential for safe expansion for our companies,” the press release quoted KUKE President Janusz Władyczak.
Ukraine’s economy has shown resilience throughout the war, with the National Bank of Ukraine maintaining a relative exchange rate stability with inflation gradually decelerating. The IMF projects moderate GDP growth in the medium term, contingent on continued international support and security conditions.
The transaction remains conditional and is subject to regulatory approvals. PZU did not specify a timeline for closing.