BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) — French insurer Axa SA is considering selling its Central European business as part of a restructuring to quit markets where it lacks scale, three sources familiar with the situation said.
Axa is undergoing a deep restructuring to help it cope with a negative interest rate environment and make the French group stronger on health and property and damage insurance.
Axa is now focusing on expanding in Asia, after its $15 billion acquisition of Bermuda-based insurer XL last year and its listing of U.S. life insurance and asset management unit Axa Equitable Holdings Inc.
"Axa plans to sell its businesses in Poland, the Czech Republic and Slovakia," one person told Reuters, speaking on condition of anonymity, adding that "teasers," or information packs, had been sent to potential investors.
Two other sources confirmed the planned sales. One person added that Poland's biggest insurer PZU as well as Italian insurer Assicurazioni Generali SpA and German insurer Allianz Global Corporate & Specialty SE were among companies that had received teasers.
One source said the deal could be worth about 400 million euros ($441.10 million), while the other source said it could reach around 800 million euros.
Axa's gross revenues in Poland were down 6% in the first half of 2019 to 288 million euros, according to the group's financial report.
Axa, Allianz, Generali and PZU declined to comment.
France-based insurer Axa S.A. is buying its joint venture unit in China and plans to expand its operations in the country after the acquisition, China Daily reported citing sources. Axa is purchasing the 50% stake in the joint venture for 4.6 billion Chinese yuan ($642 million).