The French insurer is working with HSBC Holdings on the strategic review/iStockby Bloomberg
AXA Insurance is weighing options for its Middle Eastern operations including a potential sale, as the firm’s Chief Executive Officer continues to streamline the operations of Europe’s second-largest insurer.
The French insurer is working with HSBC Holdings on the strategic review. AXA has not yet kicked off a formal sale process. The insurance company is also seeking a buyer for its operations in central and eastern Europe.
Paris-based AXA bought XL Group for about $15 billion in 2018, boosting its focus on commercial and non-life insurance through its biggest-ever acquisition. It also raised $3.2 billion through an initial public offering of its American unit, now known as Equitable Holdings.
AXA offers life insurance and property and casualty insurance in a number of Middle Eastern countries such as Lebanon, Saudi Arabia and the UAE. The insurance also has operations in Bahrain, Qatar, and Oman.
The operations fall under AXA’s International division, which generated gross written premiums of EUR 3.45 billion ($3.8 billion) in the first half of last year and EUR 232 million of net income. Revenue from the Arabian Gulf region declined during the period, as a client reduced the size of a large commercial motor fleet.