Employee benefits provider Unum has completed its purchase of Pramerica Życie, a financial protection provider in Poland.
Under the deal, first announced in January, Pramerica will remain a standalone business reporting to Peter O’Donnell, executive vice president of Unum Group and CEO of Unum UK.
O’Donnell will become the chair of Pramerica’s supervisory board.
Rick McKenney, Unum’s president and CEO, said Poland is an attractive market for the benefits Unum provides.
“It also allows us to broaden the reach of Unum’s products and services and grow the number of people whose financial stability we protect,” he added.
Unum plans to investment in Pramerica’s individual and group business segments and explore opportunities to introduce new digital capabilities and financial protection products.
Pramerica will be marketed under the Unum name later in the year.