AXA has agreed to sell “all its insurance operations in Azerbaijan”, the Paris, France-based insurance giant said today.
In a brief statement, AXA said its stake in the “non-life entity” known as AXA Mbask Insurance Company OJSC would be acquired by a man named Elkhan Giribli, whose nationality, company affiliation if any, and other details weren’t given. The price and other details of the sale also weren’t disclosed.
AXA said the completion of the transaction would be subject to customary closing conditions including regulatory approvals.
According to a Bloomberg profile of the company, AXA Mbask is based in Baku, Azerbaijan’s capital city, and provides corporate insurance, private insurance, compulsory insurance, bancassurance, and reinsurance programmes, through its branches and agents, in the South Caucus country, which is located on Russia’s southern border and along the coast of the Caspian Sea.
Founded in 1992, as Mbask Insurance Co, it was acquired in October 2010 by AXA, and rebranded.
Like many other major insurance companies and banking groups, AXA has been selling off non-core elements recently. In January, as reported, it announced it was selling its Swiss Privilege franchise in Hong Kong, known as AXA Wealth Management (HK) Ltd, to a Hong Kong-based investment holding company called Jeneration Holdings Ltd.