The sale includes the firm’s entire stake in Axa Portugal Companhia de Seguros, Axa Portugal Companhia de Seguros de Vida as well as Axa Global Direct Seguros y Reaseguros – the Portuguese branch of its direct operations.
The transaction, originally announced in August last year, required the approval of the market regulator the Portuguese Insurance and Pension Funds Supervisory Authority (ASF).
Following the acquisition, the Ageas group said it hoped to increase its share of the Portuguese insurance market to 14% – making it the country’s second largest insurer in terms of premiums, after Fidelity, and the third largest insurer in non-life policies.
Last month, Axa made a notable investment in partnership with the Kanoo Group in UAE-based health and life insurance company Green Crescent Insurance Company (GCIC), renaming the venture Axa Green Crescent.
The deal will enable Axa to start offering a range of life protection and savings products in the UAE.