Axa sells some European business to Austria-based group

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.