French insurance and investment giant AXA has announced that it is to sell all its insurance operations in Ukraine to Toronto-headquartered holding company Fairfax Financial.
The deal will see AXA exit the Ukrainian market.
Under the terms of the agreement, Fairfax would acquire 100% of the non-life entity AXA Insurance and the life entity AXA Insurance Life in Ukraine.
According to a statement released today, 50% of AXA Insurance in Ukraine is owned by the commercial bank Ukrsibbank.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
