AXA TO SELL GREEK INSURANCE BUSINESS TO GENERALI

French insurance group Axa is to sell its insurance operations in Greece to Generali. The deal will see Axa sell its property and casualty and life insurance businesses in Greece to the Italian insurer for €165m in cash. The disposal, which is expected to complete by the end of the second quarter of 2021, is part of Axa’s strategy to simplify its business. It recently agreed to sell its operations in Central and Eastern Europe for €1bn to Austrian insurer Uniqa. This followed the sale of Axa Gulf to Gulf Insurance Group in November. Axa Greece was ranked seventh in the non-life insurance market and eight in the life insurance market in 2019. The business reported gross revenues and underlying earnings of €168m and €15m in 2019.