Europe’s second-largest insurance company plans to sell Gulf business

AXA, the second largest insurance company in Europe, said today, Monday, that it has agreed to sell its Gulf region insurance business to the “Gulf Insurance” group for $ 269 million.

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“This process represents a further step in AXA’s continued journey towards simplification,” said Thomas Bauberl, CEO of AXA.

The company said in a statement that it plans to close the deal by the third quarter of next year.

In February, AXA agreed with Austrian insurer “Unica” to sell its activities in Poland, the Czech Republic and Slovakia for one billion euros ($ 1.20 billion).

The company is emerging from markets where it is not the appropriate size, as part of a major restructuring process to adapt to falling interest rates.

Source: Reuters

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