AXA to sell Singapore unit

AXA has announced that the company has entered into an agreement with HSBS to sell its Singapore unit, AXA Insurance Pte Limited (AXA Singapore).

Under the terms of the agreement, AXA will sell AXA Singapore for a total cash consideration of USD575 million (or EUR487 million).

“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. I would like to thank the management team and all the employees of AXA Singapore for their strong contribution and commitment over the years and wish them every success for the future,” said Gordon Watson, CEO – Asia and Africa, AXA.

The transaction is estimated to result in a negative net income impact of EUR160 million in AXA Group’s FY21 consolidated financial statements.