France’s AXA Group announced that it has successfully completed the sale of its Canadian operations in Property & Casualty and Life & Savings insurance to Intact Financial Corporation for a total cash consideration of C$2.6 billion (€1.9 billion; US$2.524 billion).
AXA also noted that it is “entitled to receive up to C$100 million (€ 72 million; US$97.068 million) in contingent consideration based on profitability metrics over a period of 5 years.
“This transaction generates an exceptional capital gain of approximately €0.9 billion [$1.21 billion], which will be accounted for in Net Income.”
Source: AXA Group
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Artificial Intelligence Is Rewriting the Rules for Commercial Lines 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir 
Senators Launch Probe Into Demotech’s Ratings in Florida 
