Axa announced on 26 September that it had closed the sale of its Canadian general and life insurance operations to Canadian general insurer Intact Financial Corporation for C$2.6bn ($2.5bn).
Simultaneously, Intact announced that it had agreed to sell the life insurance portion of the acquisition, Axa Life Insurance, to Canadian composite mutual insurer SSQ Financial Group for an undisclosed sum.
Axa Life Insurance operates in the individual and groups life sectors, and in 2010 reported premium income of C$159m, assets of C$856m and equity of C$129m. Axa Life Insurance is to be renamed SSQ Insurance Company.
Commenting, SSQ Financial CEO René Hamel said: “The range of services offered by Axa Life Insurance will fit right in with our existing product offering and strengthen our position as a key player in insurance and financial products in Canada.”
According to SSQ Financial, it has annual revenue in excess of C$2bn, total assets management of C$7bn and more than 1m customers.