The cash consideration for the deal with Gulf Insurance Group amounts to $264m

Insurer Axa has today (7 September 2021) confirmed that it has completed the sale of its 50% shareholding in Axa Gulf and its 34% shareholding in Saudi Arabia-based Axa Cooperative Insurance Company to insurance firm Gulf Insurance Group, situated in Kuwait.

The deal completed for a cash consideration of $264m (£191m).

Meanwhile, the sale of Axa’s 28% shareholding in Axa Green Crescent Insurance Company – located in the United Arab Emirates - has received the required regulatory approvals and is also expected to close shortly.

The transaction represents a cash consideration of $5m (£3.6m).