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.
Bloomberg, 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.