Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg

Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg

Axa SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic.

The Paris-based insurer said on Monday it sold its stakes in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company to Gulf Insurance Group, a Kuwaiti insurance group in which Canada’s Fairfax Financial Holdings Ltd. is a major shareholder.

Axa has been seeking to raise funds by divesting peripheral operations under Chief Executive Officer Thomas Buberl, who wants to focus on property and casualty insurance following a $15.3 billion purchase of XL Group Ltd. in 2018. It’s also looking to shore up its capital buffers as the global pandemic weighs on its profits.

“This transaction marks another step in Axa’s continued simplification journey,” Buberl said.