Business

Axa plans sale of its Gulf insurance operations

Axa has announced it has entered into an agreement with Gulf Insurance Group (GIG) to sell its ownership in its operations in the Gulf region.

The sale includes its shareholding in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company.

As part of the agreement, the insurance firm giant will sell its ownership for a total cash consideration of $269m (£201m).

Thomas Buberl, the firm’s chief executive officer, said: “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.”

He added: “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.”

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