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October 16, 2019

AXA mulling to offload Central European insurance business

French insurance major AXA is reportedly planning to offload its Central Europe insurance business to exit markets where it is not making profits.

The move is said to be part of AXA’s restructuring plan whereby the company wants to sharpen its focus on profitable markets, three people with knowledge of the matter told Reuters.

One person told the publication: “AXA plans to sell its businesses in Poland, the Czech Republic and Slovakia.

Information regarding operations in these markets has already been sent to potential suitors.

One source said that Polish insurance company PZU, German insurer Allianz and Italy-based Generali are among those who were sent invitations.

The transaction could be valued between €400m and €800m, two sources told the publication.

Last year, AXA snapped up Bermudian insurer XL Group in a transaction worth $15bn. It also listed its US life insurance and asset management business AXA Equitable.

Now, the insurer is looking to expand footprint in Asian insurance market.

In July, LeisureInsure, a UK-based AXA-backed leisure insurance provider, announced that the company will shut down its Irish operations due to unviable business environment.

In May, AXA revealed plans to overhaul its claims operations in the UK, which is expected put nearly 125 jobs at risk of redundancy.

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