(CercleFinance.com) – Alongside the publication of its quarterly activity figures, Axa formalized last night an agreement putting an end to the sale of a life and retirement insurance portfolio in Germany.
The insurer says it has mutually agreed with the Belgian savings and retirement group Athora to return to the operation, which was initially announced in 2022.
AXA will therefore keep this portfolio, which it considers ‘well capitalized’ with a ‘good asset/liability match’, as well as the related result.
The group specifies that this termination should not have an impact on the financial objectives revealed as part of its new strategic plan.
He also indicated that his AXA Life Europe division had concluded a reinsurance agreement with New Reinsurance Company, a subsidiary of Munich Re, relating to a life insurance portfolio.
The agreement – which covers reserves of variable annuity products worth around three billion euros – will lead to a reduction in annual operating profit of around 20 million euros from 2024.
AXA says it intends to offset the reduction in operating profit resulting from this operation with a share buyback of around 200 million euros.
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