BREJY mBank SA (PK)

By Inti Landauro

PARIS--French insurance group AXA SA (CS.FR) Friday said it reached an agreement with Polish bank mBank SA (MBK.WA) to buy its property and casualty insurance business BRE Insurance for about 136 million euros ($175 million) in a bid to expand in the Central European country.

AXA also signed a 10-year partnership distribution agreement with mBank, the French company said Friday in a statement.

The completion of the transaction depends on the approval of regulators. AXA may pay up to an additional EUR7 million to mBank so long as its unit reach certain targets.

-Write to Inti Landauro at inti.landauro@wsj.com

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