French insurer Axa weighs sale of Singapore business to raise cash

SINGAPORE - Axa is considering a sale of its Singapore business as it seeks to raise funds divesting peripheral operations, according to people familiar with the matter.

The Singapore unit, which offers life and property and casualty insurance, could draw interest from rivals seeking to expand in South-east Asia, the people said. It generated 615 million euros of revenue in 2019, according to Axa's annual report. Axa and a local partner are also considering a potential sale of their life and general insurance venture in Malaysia, which could fetch about US$650 million , Bloomberg News reported last year. Axa said this month that an agreement it struck to sell its Axa Life Europe business to Cinven had been terminated after certain conditions weren't met.

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