Axa weighs sale of Singapore business to raise cash

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

A sale process could start as soon as the next few weeks, the people said. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said. A representative for Paris-based Axa declined to comment. Chief Executive Officer Thomas Buberl is trying to shift Axa’s focus on property and casualty insurance following its US$15.3 billion purchase of XL Group Ltd in 2018.

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