AXA secures $269m cash for sale of insurance operations in the Gulf

Global insurer  AXA has secured $269 million in cash from the Gulf Insurance Group (GIG), one of the largest insurance networks in the Middle East and North Africa, which is partly-owned by Fairfax Financial Holdings.

AXA has completed the sale of its insurance operations in the Gulf region, in line with the agreement entered with GIG in November 2020.

The deal includes AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.

AXA has sold its 50 percent shareholding in AXA Gulf and its 34 percent shareholding in AXA Cooperative Insurance Company (in Saudi Arabia) to GIG for a cash consideration of $264 million.

The sale of AXA’s 28 percent shareholding in AXA Green Crescent Insurance Company (in UAE), representing cash consideration of $5 million, has received required regulatory approvals and is also expected to close shortly.

Gulf Insurance is a leading insurance network in the Gulf region with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and Emirates.

The transaction is a part of French insurer AXA's strategy to simplify and streamline its global business.

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