AXA to sell Ukrainian operations to Fairfax

French insurer AXA is planning to sell all its insurance operations in Ukraine and exit the Ukrainian market.

The company has entered into an agreement with Fairfax Financial Holdings wherein Fairfax would acquire 100 percent of the non-life entity (AXA Insurance) and the life entity (AXA Insurance Life) in Ukraine.

AXA Insurance in Ukraine is a joint venture between AXA (50 percent shareholding) and Ukrsibbank.

The transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

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