AXA COMPLETES €1BN SALE OF EASTERN EUROPEAN BUSINESS

French insurance group Axa has completed the sale of its Central and Eastern Europe operations to Uniqa Insurance Group for €1bn. The sale includes Axa’s property and casualty and life businesses in Poland, Czech Republic and Slovakia. First announced in February 2020, the disposal is part of Axa’s strategy to simplify its footprint. No significant net income impact is estimated from the transaction, which is expected to result in a positive impact of +2 points on the French group’s Solvency II ratio in the fourth quarter. Vienna-based Uniqa is one of the largest insurance groups in Central and Eastern Europe.