Insurance giant AXA to sell its Gulf business

AXA, Europe's second biggest insurer, has agreed to sell its insurance operations in the Gulf region to Gulf Insurance Group (GIG) for $269m. The deal includes the sale of the French insurer's 50% stake in AXA Gulf, a stake of 34% in Saudi Arabia-based AXA Cooperative Insurance, and a stake of 28% in the UAE-based AXA Green Crescent Insurance. AXA Gulf has operations across Bahrain, the UAE, Oman, and Qatar. As part of the transaction, Yusuf Bin Ahmed Kanoo, one of the largest conglo...