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French insurance coverage firm AXA is weighing a sale of its safety operations throughout western Europe, reported Reuters, citing sources.
The deal might be valued at as much as €1bn, the sources stated.
AXA and advisors have been discussing methods for the insurer to divest the operations, with a potential sale within the coming yr.
The companies up on the market supply insurance coverage in opposition to unexpected life occurrences reminiscent of sickness or accidents.
The divesture may embrace operations in France, Italy, Spain and part of the UK, all a part of the group’s AXA Companions division.
Talks are at an early stage and the plans may nonetheless change and even be dropped.
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AXA declined to touch upon the information, reported the publication.
The sale would show how typical insurers have been attempting to reallocate their funds for years by reducing non-core operations.
In July this yr, experiences emerged that AXA is exploring prospects to divest its property reinsurance enterprise, XL Re, to scale back its publicity to pure disasters.
The information of XL Re’s potential divesture was adopted by experiences that AXA is contemplating alternate options for its UK operations, together with gross sales.
Final month, AXA UK joined forces with Synectics Options to reinforce its insurance coverage fraud prevention capabilities.
By the partnership, AXA UK will acquire entry to the SIRA fraud prevention answer, real-time quotes software and end result orchestration answer.
AXA UK’s two manufacturers, MOJA and Swiftcover, will even be coated below the partnership with Synectics Options.
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