AXA to offload Singapore insurance arm for $575m
AXA has taken another big step forward in its strategy to simplify the business, which partly involves offloading certain units.
The insurer has agreed to sell AXA Singapore, its Singapore-based insurance arm, to banking giant HSBC for $575m (€487m) in a move that will impact the group’s financials in the short-term.
AXA said the transaction is expected to result in a negative net impact to the tune of some €160m in AXA Group’s full year 2021 financial statements.
The transaction is expected to close by Q4 2021.
Gordon Watson, CEO of AXA in Asia and in Africa, said: “This transaction is another step in AXA’s simplification journey. In line with the group’s strategy, we are focusing on our core markets where we have the size, presence in the right business segments and a strong potential to grow.
“We have in Asia a unique set of assets across established and high potential markets where we are deploying our vision, notably in health and protection, bringing high value products and services to our customers.”
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