As the bells chimed the end of 2020, Axa completed another step in its simplification strategy.
On 31 December, the French insurer entered into an agreement with Italy’s Generali to sell its insurance operations in Greece.
This includes its Life & Savings and Property & Casualty businesses for a total cash consideration of €165m (£147.6m, $201.6m).
Closing is subject to customary conditions and is expected to be finalised by the end of Q2 2021.
Locking in distribution
Generali has operated in Greece since 1886 and stated that the acquisition was in line with its strategy of strengthening the firm’s leadership in Europe and gaining further exposure to non-life and health businesses.
In addition, the Italian insurer has renegotiated the distribution agreement between Axa Greece and Alpha Bank, which was due to expire in 2027.
Alpha Bank is the main distribution channel for Axa Greece.
The partnership will now run for 20 years from the closing of the acquisition.
Alpha Bank is described by Generali as a leading bank in Greece, serving roughly 3.1 million customers through a network of 347 branches.
The renewed partnership, “is in line with Generali’s ambition to enhance its bancassurance channel in order to boost non-life sales”, the insurer said.