AXA: divests Central European businesses
(CercleFinance.com) - AXA announces that it has reached an agreement to sell its operations in Poland, the Czech Republic and Slovakia to UNIQA Insurance Group.
This transaction, which is subject to customary conditions, including regulatory approvals, is expected to occur in the fourth quarter of 2020.
Under the agreement, it would sell 100% of its Life and Savings, P&C and Pensions business in Central and Eastern Europe for a total cash consideration of 1.002 million euros, representing an implied P/E of 12.4x in 2019.
The completion of this deal is expected to improve the French insurance group's solvency II ratio by about two points, although is not expected to generate a significant impact on its net income.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
This transaction, which is subject to customary conditions, including regulatory approvals, is expected to occur in the fourth quarter of 2020.
Under the agreement, it would sell 100% of its Life and Savings, P&C and Pensions business in Central and Eastern Europe for a total cash consideration of 1.002 million euros, representing an implied P/E of 12.4x in 2019.
The completion of this deal is expected to improve the French insurance group's solvency II ratio by about two points, although is not expected to generate a significant impact on its net income.
Copyright (c) 2020 CercleFinance.com. All rights reserved.