Oman Insurance Company is mulling a bid for the Middle Eastern operations of French insurer AXA, Bloomberg has reported.
AXA's business in the GCC region includes life, property and health insurance. Oman Insurance is said to be working with Barclays about a potential offer as the French group's chief executive Thomas Buberl is said to want to pull away from life insurance and less profitable markets.
The company, which is working with HSBC Holdings on its strategic review in the Middle East, sold its operations in Poland, the Czech Republic and Slovakia for about €1bn to Austria's Uniqa Insurance Group in February.
Jean-Louis Laurent Josi knows the French insurer in detail as he became chief executive officer of Oman Insurance in 2018 after spending 12 years working at AXA.
Oman Insurance operates 12 branches in the United Arab Emirates and has businesses in Oman and Turkey.
No final decisions have been made and other suitors may also bid for the unit, sources told the news wire.