Axa SA sells its insurance business in the Gulf region to Gulf Insurance Group for EUR 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 stake in Axa Gulf and Axa Cooperative Insurance Co.
The transaction is subject to normal closing conditions, including receipt of regulatory approvals, and is expected to close by Q3 2021.
Axas CEO Thomas Buberl said sales mark another step in Axas' "continued simplification journey."
"We are confident that Axas' operations in the Gulf region will benefit from GIG's leadership and scope in the region to continue its focus on delivering growth and excellent customer service. I would like to thank the management teams and all employees in our operations in The Gulf region for their constant contributions and commitment over the years, and wishes them every success for the future, he says.
Axas Gulf operations delivered underlying results of EUR 25 million and gross revenues of EUR 851
Commercial Risk Europe is a sister publication of Business Insurance More stories from CRE here .