French insurance giant AXA has called off the deal to sell its AXA Life Europe (ALE) business to private equity firm Cinven.

The deal, which is believed to have collapsed due to the economic crisis created by the Covid-19 pandemic, was valued at approximately €1.2bn ($1.4bn).

AXA, which confirmed the development alongside the release of its Q2 results, said that certain closing conditions for the deal had not been met by the agreed long stop date.

The French insurer noted that it will now reassess its strategic options in order maximise the value and efficiency of ALE, which has been closed to new business since 2017.

ALE, which is headquartered in Dublin, Ireland, is a variable annuity products platform.

Through over 60 staff, the platform is said to manage a portfolio of 248,000 insurance contracts with €5bn reserves.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The platform’s products are distributed across Europe through AXA’s network of entities in Germany, France, UK, Spain, Italy, and Portugal.

Its products are distributed through third-party channels and via a reinsurance arrangement with AXA Japan.

Civen first made the offer to acquire the unit in August 2018. Initially, the private equity firm made an offer of €925m for shares in AXA Life Europe.