AXA is in talks to sell its Greek operations to GENERALI, market rumors say

19 August 2020 — Andrei Victor
French insurer AXA is in talks to sell its Greek operations to Italian group Assicurazioni GENERALI, Blomberg reports citing sources, "as part of its plans to ditch business lines deemed surplus to requirements".

The representatives for AXA and GENERALI declined to comment on the deal.

The Greek unit of AXA provides life and general insurance products and is deemed to be valued at around EUR 150 milion: "The two companies and their advisers are in discussions about a deal for the unit, which offers life and general insurance products and could be valued at around EUR 150 million, the people said", Bloomberg's sources said.

Greece-unit of AXA generates revenue of more than EUR 160 million per year.

According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totalled EUR 4.07 billion at the end of 2019, up by 8.7% y-o-y.

In the past years AXA Group decided to sell its business to Vienna Insurance Group in Hungary (2015), Serbia (2016) and Romania (2017). At the same time the Azeri operations were sold to Elkhan GARIBLI (2018), while the AXA's Ukrainian insurers were acquired by FAIRFAX Financial Holdings in 2019. More than that, in August 2020 EU Commission approves UNIQA's acquisition of AXA in Poland, the Czech Republic and Slovakia.

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