BUSINESS

AXA Group no longer sells operations in Romania

The contract for the sale of AXA Life Insurance Romania’s operations to Certinvest and SIF Transylvania, a contract announced on 18 December 2014, has ceased and the insurance company is currently assessing its strategic options, taking into account its Romanian clients’ and employees’ interest, the company informed last Friday in a communiqué.

AXA’s joint stocks are listed in Section A of the Euronext Stock Exchange in Paris, under the symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA), while AXA’s American depositary shares are listed on the OTC QX platform under the symbol AXAHY. AXA Group is included in the main international SRI indicators such as the Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

According to the contract signed by the three entities at the end of last year, AXA Group was expected to sell its life insurance and savings operations in Romania and to withdraw from the local market.

In line with the agreement, SAI Certinvest would have bought 70 per cent of AXA Romania (AXA Life Insurance S.A.) while SIF Transylvania would have bought 30 per cent. The terms and conditions of the transactions were not made public.

AXA Group is a world leader in the asset insurance and management domain, having 161,000 employees who tend to 103 million clients in 59 countries. In 2014 the Group’s IFRS turnover stood at EUR 92 bln and its IFRS profit at EUR 5.1 bln. On 31 December 2014, AXA managed assets worth EUR 1,227 bln.

The Group is a founding member of the United Nations Environment Programme’s Finance Initiative and a signatory of the principles of sustainable insurances and of the UN Principles for Responsible Investment.

 

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