AXA withdraws from Portugal

AXA is negotiating with the Belgian insurer Ageas for the sale of its activities in Portugal. Ageas made a firm offer of 207.54 million USD in cash, to buy the French activities in direct insurance, damage, life, savings and pensions. Such an acquisition would allow the Belgian insurer to become the second non-life player in the Portuguese market. The transaction is expected to be finalized during the first half of 2016.

As a reminder, in 2014, AXA was the fourth non-life insurer in Portugal with a turnover of 307.84 million USD and a market share of 7.3%. In the life class of business, the French insurer ranked only elevent with 139.23 million USD of premium paid and 1.2% of market share.

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