(Reuters) — France’s Axa said on Friday it had agreed with Austrian insurer Uniqa to sell its operations in Poland, Czech Republic and Slovakia for 1 billion euros ($1.09 billion).Axa is quitting markets where it lacks scale as part of a deep restructuring to cope with a negative interest rate environment.The sale would help improve Axa’s solvency ratio by 2 points, the insurer said, adding that it did not expect any significant impact on its net income from the sale.
Uniqa said in a separate statement it planned to finance the acquisition via borrowing rather than a capital increase.It expects the solvency-capital ratio to be in the upper third of its target corridor of 155% to 190% after the deal is completed.
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Publisher: E-Insurance News
Publisher: E-Insurance News
