AXA News

AXA Sells Persian Gulf Business for $269 Million to Kuwaiti-Based Group

AXA SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic. The Paris-based insurer said …

AXA Disputes Ruling that It Must Pay Millions of Euros in Back Taxes: News Report

AXA SA was ordered to pay tens of millions of euros in back taxes last year after French fiscal authorities deemed a Luxembourg-based structure was improperly used to avoid tax payments in France, Mediapart reported on Sunday. French fiscal authorities …

AXA Completes €1B Sale in Central, Eastern Europe Business to UNIQA

AXA said that it has completed the sale of its life and savings, property and casualty, and pension businesses in Poland, Czech Republic and Slovakia to Austria’s UNIQA Insurance Group for a total cash consideration of Euro 1.0 billion. The …

Pandemics Surpass Climate Change as Biggest Worry for Insurance Professionals: Study

Pandemics became the top concern for insurance professionals this year as the COVID-19 crisis roils the industry worldwide. Infectious diseases and pandemics were ranked as the most significant risks to society over the next five to 10 years in a …

Lebanon’s Insurance Claims from Beirut Port Blast Total $425 Million, So Far

Insurance claims toward the massive explosion at the Port of Beirut have so far reached $425 million, according to a minister. Caretaker Economy Minister Raoul Nehme said 2,500 claims have been filed, according to the presidency’s Twitter account. The ministry …

AXA Weighs $177 Million Sale of Greek Business to Generali

AXA SA is in talks to sell its Greek operations to Italian insurer Assicurazioni Generali SpA, according to people familiar with the matter, as part of its plans to ditch business lines deemed surplus to requirements. The two companies and …

Middle East Insurers Likely to Absorb Bulk of Losses from Beirut Port Blast: Sources

Insurers in the Middle East are expected to absorb a large part of the losses from Beirut’s explosion last week with Lloyd’s of London and other international players expected to be less exposed, insurance industry sources said. Lebanese officials have …

AXA Considers Sale of Singapore Business as It Seeks to Raise Funds: Sources

AXA SA is considering a sale of its Singapore business as it seeks to raise funds divesting peripheral operations, according to people familiar with the matter. The French insurer is working with an adviser on the potential sale, the people …

Beirut Port Explosion to Cost Insurers Approximately $3 Billion: Sources

Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …

Insurer AXA, With H1 Net Income Down 40%, Warns of Future COVID-19 Shocks

AXA SA’s profit sank in the first half as it booked a 1.5 billion-euro ($1.8 billion) charge for claims related to COVID-19 and warned of further shocks from the pandemic. The French insurer saw net income fall 39% from the …