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Axa SA is selling its insurance operations in the Gulf region to Gulf Insurance Group for €225 million ($268.8 million) in cash.
The sale includes Axa’s shareholding in Axa Gulf, Axa Cooperative Insurance Co. and Axa Green Crescent Insurance Co.
As part of the transaction, Yusuf Bin Ahmed Kanoo, one of the largest conglomerates in the Gulf region, will also sell its shareholding in Axa Gulf and in Axa Cooperative Insurance Co.
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by Q3 2021.
Axa CEO Thomas Buberl said the sale marks another step in Axa’s “continued simplification journey.”
“We are convinced that Axa’s operations in the Gulf region will benefit from GIG’s leadership and scale in the region, to further pursue their focus on delivering growth and excellent customer service. I would like to thank the management teams and all the employees of our operations in the Gulf region for their continuous contribution and engagement over the years, and wish them all the success for the future,” he said.
Axa’s Gulf operations delivered underlying earnings of €25 million and gross revenues of €851 million in 2019.
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