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French insurer AXA to sell Gulf operations for $269 million to GIG

French insurer AXA to sell Gulf operations for $269 million to GIG

PARIS: AXA, Europe’s second biggest insurer, has agreed to sell its insurance operations in the Gulf region to Gulf Insurance Group (GIG) for $269 million, AXA said on Monday.

“This transaction marks another step in AXA’s continued simplification journey,” said AXA chief executive Thomas Buberl.

The company said in a statement it expects to close the deal by the third quarter of next year.

AXA agreed in February with Austrian insurer Uniqa to sell its operations in Poland, Czech Republic and Slovakia for 1 billion euros ($1.20 billion).

The insurer is leaving markets where it lacks scale as part of a deep restructuring to cope with a negative interest rate environment. ($1 = 0.8352 euros)

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