There are currently three bidders in the running to secure the €1 billion-rated Central and Eastern Europe business operations of French insurance and investment giant AXA, according to a Bloomberg insider.
Only the Italian insurer Assicurazioni Generali SpA and Austrian insurers Vienna Insurance Group and Uniqa Insurance Group are supposedly still in the mix.
It’s understood that AXA has had more of a focus on expanding in Asia following its takeover of XL, while on a broader level is going through a restructuring phase in an effort to offset the low interest rate environment and improve its health, property and damage businesses.
Reports first emerged of a potential sale back in October, when information packs regarding the sale were reportedly sent to potential investors.
More recently, it was reported that AXA may be looking to offload its Middle Eastern operations.
While AXA is yet to begin a formal sale process for its Middle Eastern business, people close to the matter have told Bloomberg that the insurer is working with HSBC on a strategic review.
