AXA has completed the sale of its insurance operations in Greece and announced that it has completed the sale of its Life & Savings and Property & Casualty businesses in Greece to Generali, for a total cash consideration of EUR 167 million.

Completion of the transaction was estimate to be completed by the end of 2Q2021 and was subject to customary closing conditions, including the receipt of regulatory approvals, according to xprimm.com.

In the past years AXA Group decided to sell its business to VIG in Hungary (2015), Serbia (2016) and Romania (2017).

GENERALI has been active in Greece since 1886 and is the 6th largest insurance company in the country, with a 5.3% market share. GENERALI offers comprehensive solutions in the non-life, health and life insurance sectors to its more than 305,000 clients across Greece. In 2019, total gross premiums written amounted to approximately EUR 218 million.