Reinsurance News

AXA eyeing $177mn sale of Greek business to Generali: reports

17th August 2020 - Author: Charlie Wood

AXA is reportedly considering the sale of its Greek operations to Itay’s Generali after an estimated value of $177 million was placed on the unit by parties from both companies.

axa-logoBloomberg, citing people familiar with the matter, describe the move as an opportunity to relinquish business lines deemed surplus to requirements.

Representatives for AXA and Generali were said to have declined to comment.

It does, however, make sense that such a deal is being explored, considering previous reports linking AXA to a sale of its Singapore unit.

Regardless, it is important to note that no final decisions have been made regarding the deal and has so far only been described as something under consideration.

AXA reported a 48% decrease in underlying earnings to €1.9 billion for the first half of 2020, driven mostly by a 72% decline in property and casualty (P&C) business primarily as a result of the impacts of the COVID-19 pandemic.

The French re/insurer also reaffirmed its best estimate for the impact on 2020 underlying earnings across the group from pandemic-related P&C claims and solidarity measures at €1.5 billion, after-tax and net of reinsurance.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Beirut port explosion claims hit $425mn

Insurance claims resulting from the Beirut port explosion on August 4, believed to have been caused by 2,750 metric tons...