Insurance and investment firm Axa has been considering various options for its Middle Eastern operations including a potential sale.
The French insurer is working with HSBC Holdings on the strategic review. AXA has not yet kicked off a formal sale process. The insurance company is also seeking a buyer for its operations in central and eastern Europe, Bloomberg reports.
In 2018, Axa acquired XL Group for nearly $15bn in order to increase its focus on commercial and non-life insurance.
The company had also raised $3.2bn through IPO of its US-based unit Equitable Holdings.
AXA provides life insurance and property and casualty insurance services in several Middle Eastern including the UAE, Saudi Arabia and Lebanon.The French insurer's operations also extend to Qatar, Bahrain and Oman.
The operations fall under AXA's International division, which generated gross written premiums of €3.45bn in the first half of last year and €232m of net income. However, Axa's revenues from the Arabian Gulf region decreased as a client cut down the size of its motor fleet.