AXA leaves the Ukrainian insurance market

23 October 2018 — Daniela GHETU
AXA announced on 23 October it had entered into an agreement with Fairfax Financial Holdings Limited, through its subsidiary FFHL Group Ltd., ("Fairfax") to sell all its insurance operations in Ukraine and exit the Ukrainian market.

Under the terms of the agreement, Fairfax would acquire 100% of the non-life entity AXA Insurance, a joint venture between AXA (50% shareholding) and Ukrsibbank, and the life entity AXA Insurance Life in Ukraine.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

In 2017, AXA Insurance ranked 3rd in the Ukrainian non-life insurance sector, with GWP of EUR 50.12 million and a 4.14% market share. AXA Insurance Life held the 9th position in the life insurance sector, with a 2% market share and GWP worth EUR 1.78 million.

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