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Axa SA said Thursday it has completed the sale of its Central and Eastern Europe businesses to Austria-based UNIQA Insurance Group AG for Euro 1.0 billion ($1.17 billion) in cash.
The sale includes its life and savings, property/casualty and pension businesses in Poland, the Czech Republic and Slovakia, Axa said in a statement.
Completion of the deal is expected to result in a positive impact of +2 points on Axa Group’s solvency II ratio in the fourth quarter of 2020, the French insurer said.
Rumors of the planned sale were reported in October 2019.
French insurer Axa SA is in talks to sell its Greek operations to Italian insurer Assicurazioni Generali SpA, Verdict reports citing sources. Axa aims to use the sale proceeds to bolster its property/casualty operations. Greece-based Axa Insurance SA generates revenue of more than €160 million ($190 million) per year.