Under the terms of the agreement, AXA will sell its Life and Savings and Property and Casualty businesses in Greece for a total cash consideration of €165 million. This transaction represents a continuation of AXA’s simplification journey, in line with the Group’s strategy.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalised by the end of Q2 2021.
AXA Greece ranked seventh in Non-Life insurance market
AXA Greece was ranked seventh in the Non-Life insurance market and eighth in the Life insurance market in 2019, offering a broad suite of products to more than 600,000 customers. The company has 249 employees and distributes its products through a diversified distribution mix consisting of an exclusive bancassurance partnership with Alpha Bank, agents and brokers, as well as direct distribution channels.
The gross revenues and underlying earnings of AXA’s operations in Greece recorded in the Group’s FY19 consolidated financial statements were €168 million and €15 million respectively.
Strengthening Generali’s leadership in Europe
"This acquisition is fully aligned with the Generali 2021 strategy, which aims to strengthen our leadership in Europe. With the purchase of AXA Greece and the exclusive long-term distribution agreement with Alpha Bank, Generali decidedly strengthens its position in the local market, becoming the second largest group in the Non-Life and the third in the Health sector in Greece," said Jaime Anchustegui Melgarejo, Chief Executive International of Generali.
Recently, AXA entered into an agreement with Gulf Insurance Group (GIG) to sell its holdings in the Gulf region as part of its simplification process.