France-based insurance and investment firm AXA has been considering various options for its Middle Eastern operations including a potential sale.
To improve the efficiency of the organisation, Axa CEO Thomas Buberl continues to streamline its operations, reported Bloomberg.
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The French insurer is yet to launch a formal process regarding offloading its operations, and is working with HSBC on the strategic review, added Bloomberg.
In 2018, AXA acquired XL Group for nearly $15bn in order to increase its focus on commercial and non-life insurance.
The company had also raised $3.2bn through IPO of its US-based unit Equitable Holdings.
AXA provides life insurance and property and casualty insurance services in several Middle Eastern including the UAE, Saudi Arabia and Lebanon.
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By GlobalDataThe French insurer’s operations also extend to Qatar, Bahrain and Oman.
The international division of the company had reported gross written premiums of €3.45bn ($3.8bn) in the first half of 2019 and €232m of net income.
However, Axa’s revenues from the Arabian Gulf region decreased as a client cut down the size of its motor fleet, reported Bloomberg.
