AXA completes sale of AXA Gulf
AXA has completed the sale of its 50-per-cent shareholding in AXA Gulf and its 34-per-cent shareholding in AXA Cooperative Insurance Company to Gulf Insurance Group (GIG), for a cash consideration of US$264 million
The sale of AXA’s 28-per-cent shareholding in AXA Green Crescent Insurance Company, representing cash consideration of $5 million, has received required regulatory approvals and is also expected to close shortly.
Thomas Buberl, CEO at AXA, commented: “This transaction 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.”