Insurance giant Axa has completed the sale of its 50% shareholding in Axa Gulf and its 34% shareholding in Axa Cooperative Insurance Company (in Saudi Arabia) to Gulf Insurance Group (GIG).
Axa Gulf provides a range of services including life, property and health insurance.
The deal was for a cash consideration of $264m (£191m, €222m).
As part of the transaction, conglomerate Yusuf Bin Ahmed Kanoo (YBA Kanoo) has also sold its shareholding in Axa Gulf and in Axa Cooperative Insurance Company.
The deal was first announced on 30 November 2020. Thomas Buberl, chief executive of Axa, said on 30 November that the “transaction marks another step in Axa’s continued simplification journey”.
Axa is also in the process of selling its 28% shareholding in Axa Green Crescent Insurance Company (UAE) to GIG for $5m. The transaction has received regulatory approvals and is expected to close shortly.
Gulf Insurance Group offers life, non-life and Takaful insurance and has operations in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and UAE.
