Polish insurer PZU S.A. has agreed to acquire MetLife Ukraine, the leading life insurer in the Ukrainian market. The transaction requires all necessary regulatory approvals and, according to the company, is expected to be completed in 2027.
Until the deal is closed, MetLife Ukraine will continue to operate under the MetLife brand, in its usual operational mode, with no changes for clients, partners, or employees.
MetLife Ukraine confirmed the agreement and emphasized continuity of operations. PZU also confirmed that the deal involves the acquisition of 100% of the shares of MetLife Ukraine.
For MetLife Ukraine’s clients, nothing changes following the announcement of the deal. The company continues to service insurance contracts, accept and pay out claims, and provide customer support as usual.
“Customer data remains protected, processed in accordance with applicable legislation and security standards. All services are provided within valid licenses and under proper regulatory supervision. Customer service processes, systems, and communication channels remain unchanged,” the company stated.
Until the transaction is completed, operations will continue as usual, and our key priority remains the full continuity of business activities. We will inform you in advance about any possible operational changes
Inna Bielianska, VP General Manager Ukraine
The company also emphasizes that in the event of any future changes that could affect policies or customer service, clients will be informed directly and in advance. MetLife Ukraine separately notes that its unwavering priority remains reliable service and maintaining trust in relationships with clients.
Until the deal is closed, MetLife Ukraine and PZU Group companies will continue to operate as separate competitors in the Ukrainian market, in full compliance with legal requirements.
After the transaction is completed, the business of MetLife Ukraine will become the property of PZU S.A., which has a regional presence and deep insurance expertise in Eastern Europe.
For MetLife Ukraine employees, no negative changes are currently expected. The company continues to operate as usual; roles, responsibilities, compensation levels, and employment conditions remain unchanged.
Each employee, according to the company, plays an important role in ensuring continuity for clients, business, partners, and the distribution network.
MetLife Ukraine emphasizes that it relies on its teams across all areas, particularly on the quality execution of current tasks, achievement of set goals, and maintaining a high level of discipline, responsibility, and attention to quality.
The company also highlights employees’ contribution to business development in Ukraine and plans to regularly inform the team about the progress of the process.
PZU S.A. confirmed its intention to invest in and develop the business in Ukraine, underscoring its long-term commitment to the Ukrainian market and clients. The company states it has strong positions to continue developing MetLife Ukraine’s business, ensuring a stable long-term future for the team, clients, employees, and distribution partners.
PZU’s official position is that the acquisition of MetLife Ukraine is an important step in implementing its long-term strategy.
The acquisition of MetLife Ukraine is an important step in implementing our long-term strategy to build a strong international insurance and financial group in Central and Eastern Europe.
Bogdan Benczak, PZU S.A. CEO
“We are investing in a market leader with an experienced team and a sustainable business model, which strengthens our presence in Ukraine and significantly increases the scale of operations in the life insurance segment. This decision combines strategic ambitions with solid business fundamentals,” said Bogdan Benczak.
PZU materials also emphasize that Eastern Europe is one of the key growth regions for the group, and PZU demonstrates strategic commitment to this region.
For the Ukrainian market, this means strengthening the role of Polish financial capital in the life insurance sector and the emergence of a new stage of competition among the largest players.
MetLife Ukraine has been operating in the Ukrainian insurance market since 2002 and is the largest life insurer in the country. The company has a strong distribution model, a broad client base, a developed product portfolio, and stable financial indicators.
According to Insurance TOP and Forinsurer estimates, in 2025 MetLife Ukraine collected:
- UAH 3.1 bn ($71 mn) in premiums with growth of about 10%
- reserves of UAH 6.5 bn ($44 mn)
- equity of UAH 4.95 bn ($113 mn)
- assets of UAH 12.4 bn ($283 mn)
- investment income of UAH 1.2 bn ($27.5 mn)
- return on equity of 20%
- net margin of 54%
The value of the deal is estimated at around $120 mn, taking into account the company’s capital size, dividend potential, and market multiples. MetLife Ukraine’s equity as of December 31, 2025, was estimated at $113 mn.
The financial terms of the already announced deal have not been publicly disclosed.
In April, rumors circulated in the market that interest in MetLife Ukraine had been shown by at least several large insurance groups, including the Austrian insurance group UNIQA through the insurer “UNIQA,” “TAS Life” of Serhii Tihipko, and “PZU Ukraine Life,” which is part of the Polish PZU group.
Now it is PZU that has become the party to the announced deal, which, after approvals, could significantly change the balance of power in the life insurance segment.
One possible reason for the sale cited by market participants was a strategic review by the global MetLife group of its presence in smaller markets, particularly considering demographic factors and capital concentration on priority areas.
At the same time, MetLife Ukraine remains a profitable, large-scale, and operationally stable asset, which explains the interest of strategic investors.
An additional factor for the deal structure remains the issue of settlements and currency restrictions. For large cross-border transactions in Ukraine, this is significant, as the place of settlement, the ability to pay dividends, and the regulatory regime may affect the final economics of the deal.
For Ukraine’s insurance market, the transaction could become one of the largest sector deals in recent years.
It marks the planned exit of the global American MetLife group from direct Ukrainian operations and strengthens PZU’s position in life insurance across Ukraine and the region.
PZU also said the Ukrainian investment is insured by KUKE, Poland’s export credit agency, against risks linked to military and political deterioration. This detail matters for the insurance market because the transaction has been structured with war risk in mind.
KUKE President Janusz Władyczak said the PZU transaction is another foreign investment in Ukraine by a Polish entity guaranteed by KUKE this year. He said removing political and force majeure risks, including war-related risks, supports safer development for Polish companies.
After closing, PZU will combine its regional expertise with MetLife Ukraine’s portfolio, network, and client base. Execution will still require care, since clients and intermediaries are familiar with the MetLife brand and service standards.
A brand change could create commercial risk, especially in savings and risk insurance. Market participants believe the leader could lose a significant share of new business if the transition is handled poorly.
For now, MetLife Ukraine continues operating normally. Customer contracts remain valid, services do not change, employees continue their work, and any future changes will require advance communication with relevant parties.
