AXA to sell its Romanian operations
AXA announced today it has entered into an agreement with Certinvest and SIF Transilvania to sell its Life & Savings insurance operations in Romania and exit the Romanian market.
Under the terms of the agreement, Certinvest would acquire a stake of 70% in AXA's Romanian subsidiary, AXA Life Insurance S.A., while SIF Transilvania would acquire the remaining stake of 30%. Certinvest is a leading independent asset manager in Romania. SIF Transilvania is a financial investment company listed on the Bucharest Stock Exchange. The parties agreed not to disclose the terms and conditions of the transaction. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals. <strong>ABOUT THE AXA GROUP</strong> The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 102 million clients in 56 countries. In 2013, IFRS revenues amounted to Euro 91.2 billion and IFRS underlying earnings to Euro 4.7 billion. AXA had Euro 1,113 billion in assets under management as of December 31, 2013. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.