Global insurer and reinsurer AXA is reportedly exploring options for selling its Singapore unit in a bid to raise funds, according to sources at Bloomberg.
The publication says AXA is working with an advisor on a potential sale, with an eye to starting a sale process within the next few weeks.
However, sources warned that no final decision have been made, and there is no guarantee that the insurer will move ahead with a transaction.
AXA’s Singapore unit offers life and property and casualty insurance, and generated €615 million in revenue last year.
In 2019, reports also emerged that AXA was looking to sell its Malaysian arm for around $650 million.
Analysts note that the company may be reviewing options for its smaller operations in order to pay off its $15.3 billion acquisition of XL Group back in 2018, while also narrowing its focus on property and casualty business.
AXA revealed this week that it has agreed to terminate its previously announced sale agreement with private equity firm Cinven, which would have seen the insurer offload its AXA Life Europe (ALE) business for €1.2 billion (US $1.4 billion).
