AXA has entered into an agreement with Generali to sell its insurance operations in Greece.
The deal will see AXA sell its life and savings and property and casualty businesses in Greece for a total cash consideration of €165 million.
The transaction represents a continuation of AXA’s simplification journey, in line with the group’s strategy.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalised by the end of 2Q 2021.
The company has 249 employees and distributes its products through a distribution mix consisting of a bancassurance partnership with Alpha Bank, agents, brokers as well as direct distribution channels.
The gross revenues and underlying earnings of AXA’s operations in Greece recorded in the group’s 2019 fiscal year consolidated financial statements were €168 million and €15 million, respectively.
