AXA mulls sale of Singapore unit

The sale process could begin as early as the next few weeks, according to sources.

French insurer AXA is looking into selling its Singapore business in order to raise funds divesting peripheral operations, reports Bloomberg.

The insurer is working with an adviser on the potential sale, with a sale process possibly starting as early as the next few weeks, sources said. AXA Singapore could fetch interest from rivals looking into expanding to Southeast Asia, they added.

CEO Thomas Buberl is trying to shift AXA’s focus on property and casualty insurance following its $21b (US$15.3b) purchase of XL Group in 2018. Since then, Buberl has been reviewing options for smaller businesses across the world, including in the Middle East, to help pay for the XL deal.

Profits sank in H1 as it booked a $2.42b (US$1.76b) charge for claims related to COVID-19. Axa also warned of further shocks from the pandemic, scrapped growth targets and canceled a payout to shareholders.

Here’s more from Bloomberg.

Photo courtesy of Wikimedia Commons.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!