AXA to sell a life and pension insurance portfolio in Germany

AXA Germany is selling a life and pension insurance portfolio in run-off with reserves amounting to 16 billion EUR (16.14 billion USD) to the insurer Athora Deutschland. The transaction is valued at 660 million EUR (665.71 million USD).

This sale is part of the French group's strategy seeking to optimize its life and savings portfolios and to reduce its exposure to financial market risks.

The deal, which is still pending the approval of the competent authorities, should be finalized during the fourth quarter of 2023.