Axa sells Gulf operations to Kuwaiti group in $269 million deal
Published 30 Nov,2020 via Bloomberg Markets - Axa SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic.
The Paris-based insurer said on Monday it sold its stakes in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company to Gulf Insurance Group, a Kuwaiti insurance group in which Canada’s Fairfax Financial Holdings Ltd. is a major shareholder.
Axa has been seeking to raise funds by divesting peripheral operations under Chief Executive Officer Thomas Buberl, who wants to focus on property and casualty insurance following a $15.3 billion purchase of XL Group Ltd. in 2018. It’s also looking to shore up its capital buffers as the global pandemic weighs on its profits.
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Nicolas Parasie