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February 22, 2018updated 23 Feb 2018 4:21am

AXA to divest insurance operations in Azerbaijan

French insurer AXA has agreed to dispose all its insurance operations in Azerbaijan for an undisclosed sum.

Under the arrangement, AXA would sell 100% of its non-life entity called AXA MBask Insurance Company OJSC to Elkhan Garibli. The deal is subject to regulatory approvals.

AXA Mbask, founded in 1992, offers a range of services such as corporate insurance, private insurance, compulsory insurance, bancassurance, as well as reinsurance.

The company  formerly operated under the name Mbask Insurance and was rebranded following its acquisition by AXA in 2010.

The latest sale aligns with AXA’s strategy to offload non-core operations. Last month, the company agreed to divest its Swiss Privilege franchise in Hong Kong to Jeneration Holdings for HKD2.2bn ($281.1m).

The French insurer also sold its operations in Hungary, Serbia, and Romania to Austrian insurer Vienna Insurance Group (VIG).

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