AXA sells Singapore operations to HSBC
Insurer AXA has entered into an agreement with financial services company HSBC to sell AXA Insurance Pte Ltd (AXA Singapore)
Under the terms of the agreement, AXA will sell AXA Singapore for a total cash consideration of US$575 million.
Chief Executive Officer Asia and Africa, Gordon Watson, commented: “This transaction is another step in AXA’s simplification journey. In line with the Group’s strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow.”
The transaction is estimated to result in a negative net income impact of about €160 million in AXA Group’ s 2021 consolidated financial statements. The transaction is subject to closing conditions, including the receipt of regulatory approvals, and is expected to close by Q4 2021.