AXA to sell its insurance operations in Singapore
AXA announced today that it has entered into an agreement with HSBC to sell AXA Insurance Pte Ltd (“AXA Singapore”).
Under the terms of the agreement, AXA will sell AXA Singapore for a total cash consideration of USD 575 million (or Euro 487 million).
Gordon Watson, CEO of AXA in Asia and in Africa said “This transaction is another step in AXA’s simplification journey” said Gordon Watson, CEO of AXA in Asia and in Africa. In line with the Group’s strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow. We have in Asia a unique set of assets across established and high potential markets where we are deploying our vision, notably in health and protection, bringing high value products and services to our customers.”
“I would like to thank the management team and all the employees of AXA Singapore for their strong contribution and commitment over the years and wish them every success for the future.”
The transaction is estimated to result in a negative net income impact of ca. Euro 160 million in AXA Group’ s FY21 consolidated financial statements.
The transaction is subject to closing conditions, including the receipt of regulatory approvals, and is expected to close by 4Q2021.
Authored by AXA
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