FINANCIAL SERVICES | Staff Reporter, Singapore

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.

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