French insurer AXA has wrapped up the for €1bn deal to divest its Life & Savings, Property & Casualty and Pension businesses in Poland, Czech Republic and Slovakia.
The operations have been acquired by UNIQA Insurance Group. The all-cash transaction was announced in February this year.
As per the agreed terms of the deal, AXA sold 100% of the businesses in Central and Eastern Europe.
The insurer expects the deal to have a positive impact of +2 points on its Solvency II ratio in the final quarter of this year.
While announcing the deal, AXA CEO Thomas Buberl said: “This transaction marks another step in the simplification of AXA’s footprint, we are convinced that AXA’s operations in Central and Eastern Europe will benefit from UNIQA’s strong presence and local expertise in the region to create new growth opportunities with a continued focus on delivering enhanced customer value propositions.”
At the time of the deal’s announcement, the insurer said that AXA Poland serves 3.2 million customers, offering them property and casualty, life and savings, pension, and asset management products.
The business has a workforce of 1,575 and a bancassurance partnership with mBank.
AXA Czech Republic and Slovakia caters to 1.6 million retail customers through L&S, P&C and pension offerings.
The business has a staff strength of 527, AXA said in February 2020.
In August this year, a report said that AXA is considering a sale of its Singapore unit as it eyes funds by offloading peripheral operations.
The insurer is reportedly in discussions with an adviser on the potential sale.
According to people familiar with the matter, the insurance firm is currently in discussions with an adviser on the potential sale.
Last October, AXA announced the sale of its Belgian banking business to Crelan Bank in a cash-stock deal worth €620m.