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French insurer Axa SA considers sale of its Singapore business to raise funds

Bloomberg
Bloomberg8/10/2020 09:44 PM GMT+08  • 2 min read
French insurer Axa SA considers sale of its Singapore business to raise funds
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.
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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 said, asking not to be identified because the matter is private. The Singapore unit, which offers life and property and casualty insurance, could draw interest from rivals seeking to expand in Southeast Asia, the people said. It generated 615 million euros ($995.5 million) of revenue in 2019, according to Axa’s annual report.

A sale process could start as soon as the next few weeks, the people said. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said. A representative for Paris-based Axa declined to comment.

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