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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Axa weighs sale of Singapore business to raise cashAxa 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.
Source: YahooSG - 🏆 3. / 71 Read more »

Axa weighs sale of Singapore business to raise cashAxa 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.
Source: YahooSG - 🏆 3. / 71 Read more »

Business closures, layoffs to rise, but Singapore will get through crisis: PM LeeBusiness closures, retrenchments and unemployment are all likely to rise in the coming months, said Prime Minister Lee Hsien Loong on Sunday morning, but he remained confident the country will get through this current crisis. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »