AWM is a licensed life insurer in Hong Kong, managing individual policies through a network of salaried consultants under the Swiss Privilege brand.
In 2016, it represented approximately 2% of Axa Hong Kong’s Life & Savings new business APE.
“This transaction would be in line with the Group’s portfolio simplification, and would allow Axa Hong Kong to focus on its core life agency and broker channels, while simplifying its corporate structure,”the firm said.
“Axa remains committed to grow the Life, Health and Property & Casualty businesses in Hong Kong across all customer segments including high net-worth individuals.”
The price consideration is HKD 2,200m (€237m,£210m) to be fully paid at closing, representing an implied 1.4x EV multiple.
The proposed transaction is subject to customary conditions, including the receipt of regulatory approvals, and is expected to be finalised by the end of 2018 or early 2019.