AXA sheds Gulf insurance operations
Global insurer AXA has entered into an agreement with Gulf Insurance Group (GIG) to sell its holdings in the Gulf region in an effort to ‘simplify’ its operations
The deal includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company. As part of the transaction, Yusuf Bin Ahmed Kanoo, a conglomerate in the Gulf Region, will also sell its shareholding in AXA Gulf and in AXA Cooperative Insurance Company. Under the terms of the agreement, AXA will sell its ownership in its operations in the Gulf region for a total cash consideration of US$269 million.
Simplification of AXA’s holdings continues
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.”
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close by 3Q 2021.
Recently, private healthcare company AXA PPP rebranded and is now AXA Health, by uniting AXA’s health insurance (AXA PPP healthcare and Health-on-Line) and employee support brands (Health Services/ICAS-UK).