16 October 2020Insurance

AXA wraps up €1bn sale of Central and Eastern European operations

French insurer AXA has completed the sale of its operations in Central and Eastern Europe to UNIQA Insurance Group for a total cash consideration of €1 billion.

The transaction includes its life & savings, property & casualty and pension businesses in Poland, Czech Republic and Slovakia.

AXA said the deal is expected to improve the group Solvency II ration by 2 percentage points in the fourth quarter of 2020.

The transaction is a part of AXA's strategy to simplify its operations.

The company hopes the business will benefit from UNIQA’s strong presence and local expertise in the Central and Eastern European region to create new growth opportunities.

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