French insurance firm AXA has signed a deal with Astra Asigurari to divest its Life & Savings insurance operations in Romania.

The proposed divestment will mark AXA’s exit from the Romanian market.

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Completion of the deal is subject to customary closing conditions, including the receipt of regulatory approvals. The parties did not disclose the terms of the transaction.

AXA Life Insurance was officially launched in the Romanian market in May 2011.

The AXA Group is an insurance and asset management, with 160,000 employees serving 102 million customers in 57 countries.

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