Global insurer AXA has completed the sale of its 50% shareholding in AXA Gulf and its 34% shareholding in AXA Cooperative Insurance Company (in Saudi Arabia) to Gulf Insurance Group, for a cash consideration of $264 million.
The sale of AXA’s 28% shareholding in AXA Green Crescent Insurance Company (in UAE), representing cash consideration of $5 million, has received required regulatory approvals and is also expected to close shortly.
These sales follow an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of $575 million (€487mn).
The sale of AXA Singapore to HSBC was estimated to result in a negative net income impact of around €160 million in AXA Group’s FY 2021 consolidated financial results.
Gordon Watson, Chief Executive Officer (CEO) of AXA in Asia and in Africa, noted that the transaction was another step in “AXA’s simplification journey.”
