AXA leaves the Ukrainian insurance market
Under the terms of the agreement, Fairfax would acquire 100% of the non-life entity AXA Insurance, a joint venture between AXA (50% shareholding) and Ukrsibbank, and the life entity AXA Insurance Life in Ukraine.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.
In 2017, AXA Insurance ranked 3rd in the Ukrainian non-life insurance sector, with GWP of EUR 50.12 million and a 4.14% market share. AXA Insurance Life held the 9th position in the life insurance sector, with a 2% market share and GWP worth EUR 1.78 million.