Global insurer AXA has entered into an agreement with Generali to sell its insurance operations in Greece for a consideration of €165 million.
The agreement will see AXA sell its Life & Savings and Property & Casualty businesses in Greece, and is seen as a continuation of the insurance giant’s simplification journey, in line with the group’s strategy.
In 2019, AXA Greece posted total gross insurance premiums of approximately €168 million.
The businesses distributes its products mainly through Alpha Bank and a network of more than 600 agents.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalised by the end of Q2 2021.
“This acquisition is fully aligned with the ‘Generali 2021’ strategy, which aims to strengthen our leadership in Europe,” said Jaime Anchústegui Melgarejo, Chief Executive Officer, International of Generali.
“With the purchase of AXA Greece and the exclusive long-term distribution agreement with Alpha Bank, Generali decidedly strengthens its position in the local market, becoming the second largest group in the non-life and the third in the health sector in Greece.
“The transaction will enable us to optimize our strategic positioning in the country, allowing for a multi-channel, dynamic business and securing valuable, significant economies of scale for a more effective and efficient overall operation.”