France’s AXA mulls selling Central European operations
French insurer AXA mulls divesting of its businesses in Central Europe in order to focus on markets where it already has a larger presence, three sources have told Reuters. Specifically, AXA considers selling its operations in Poland, the Czech Republic and Slovakia, and has already sent information packs to Poland’s biggest insurer PZU as well as Italian insurer Generali and German Allianz. The deal estimates vary from EUR 400mn to EUR 800mn. The move is part of an overall restructuring currently taking place at AXA, driven by negative interest rate environment and the need to strengthen the company’s footprint in the fields of health and property and damage insurance.