AXA sells its activities in the Gulf region to the Kuwaiti insurer Gulf Insurance Group (GIG) for €225 million ($269.15 million).
This sale also includes AXA’s interests in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.
Yusuf Bin Ahmed Kanoo (YBA Kanoo), one of the most important private business conglomerates in the region, also decided to sell its 50 percent stake in AXA Gulf and its 16 percent stake in AXA Cooperative Insurance Company. The transaction is scheduled to be finalized by Q3 2021.
The AXA sale is part of the French group’s simplification strategy.
Created in 1962, GIG is a group that aims to become one of the insurance leaders in the Gulf countries. At the end of September 2020, the group was at the head of consolidated assets amounting to $2.8 billion. The main GIG shareholders are the financial holding Kuwait Projects (Kipco) and the Canadian insurance group Fairfax.