French insurer Axa announced on Tuesday that it had finalized the sale of its activities in the Gulf to the Kuwaiti giant Gulf insurance group (GIG), which had been announced at the end of 2020.
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Axa thus sold its 50% stake in Axa Golfe and 34% in Axa Cooperative Insurance Company, in Saudi Arabia.
The amount of the transaction amounts to 264 million euros (or 222 million euros).
As for the insurer's 28% stake in Axa Green Crescent Insurance Company, in the United Arab Emirates, the $ 5 million transaction "
has received regulatory approvals and should also be finalized soon,
" the statement said. 'Axa.
Created in 1962, GIG is one of the leading insurers in the Gulf region, with $ 2.7 billion in consolidated assets at the end of June.
Its shareholders are the investment holding company Kuwait Projects Co (Kipco), majority owner of the group's capital, and the Canadian insurance group Fairfax.
“
The transaction significantly expands GIG's insurance business portfolio, introducing the group into two new markets, namely Oman and Qatar, and strengthening its operations in Bahrain, the United Arab Emirates and Saudi Arabia
”, welcomed the Kuwaiti insurer in a statement.
