AXA to exit Romanian market

AXA has revealed plans that will see it exit the Romanian market.

It has entered into an agreement with Certinvest and SIF Transilvania to sell its life & savings insurance operations in Romania.

Under the terms of the agreement, Certinvest would acquire a stake of 70 percent in AXA's Romanian subsidiary, AXA Life Insurance, while SIF Transilvania would acquire the remaining stake of 30 percent.