AXA terminates sale of German portfolio and signs new reinsurance agreement

AXA Germany has terminated a sale agreement signed on 14 July 2022 with Athora Deutschland covering a life and pensions portfolio in run-off in Germany.

This termination will have no impact on the French group's financial objectives as part of its new “Unlock the Future” strategic plan.

AXA Life Europe, AXA's Irish entity, has simultaneously signed a reinsurance agreement with New Reinsurance Company, a Swiss subsidiary of Munich Re.

The agreement covers variable annuity reserves amounting to 3 billion EUR (3.2 billion USD).

This transaction will reduce the company's operating result by around 20 million EUR (21.5 million USD) from 2024. This reduction would be offset by a share buyback program of 200 million EUR (215.3 million USD) by the end of the current year.