AXA Sells Eastern Europe Units To Streamline Operations

Law360, London (February 10, 2020, 11:56 AM GMT) -- French insurance giant AXA has said it will sell its operations in Poland, Slovakia and the Czech Republic for €1 billion ($1.1 billion) in cash as it moves to streamline its business in Europe.

AXA said Friday it will sell its Central and Eastern European subsidiaries to Austria-based UNIQA Insurance Group. The deal involves 100% of AXA’s life insurance, property and casualty insurance and pensions cover.

Chief Executive Thomas Buberl said the deal is part of the French insurer’s plan to simplify its holdings.

“We are convinced that AXA’s operations in central and eastern Europe will benefit from UNIQA’s strong presence...

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