AXA Completes Sale of Canadian Operations

September 26, 2011

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

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