Axa has agreed to sell its interest in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company to Gulf Insurance Group for £200m.

Thomas Buberl, CEO of Axa, said: “This transaction marks another step in Axa’s continued simplification journey. We are convinced that Axa’s operations in the Gulf region will benefit from GIG’s leadership and scale in the region, to further pursue their focus on delivering growth and excellent customer service.”

The transaction is subject to regulatory approvals and is expected to close by Q3 2021.

The underlying earnings and gross revenues of Axa’s operations in the Gulf region recorded in the Group’s FY19 consolidated financial statements were £22m and £762m.

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