Axa weighs sale of Singapore business to raise cash

The French insurer is working with an adviser on the potential sale, the people said, asking not to be identified because the matter is private. The Singapore unit, which offers life and property and casualty insurance, could draw interest from rivals seeking to expand in Southeast 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 $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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