France's AXA sells insurance assets in Ukraine to Canada's Fairfax

French-based AXA Group, represented in Ukraine by AXA Insurance and AXA Life Insurance, has sold its Ukrainian assets to Canada's Fairfax Financial Holding Limited.

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"AXA Group has entered into an agreement with Fairfax Financial Holding Limited (Canada) to sell all its insurance operations in Ukraine. Under the terms of the agreement, Fairfax would acquire a 100% of the non-life entity (AXA Insurance) and the life entity (AXA Life Insurance) in Ukraine," the company's press service said on October 23.

As reported, AXA Insurance and AXA Insurance Life will continue to operate and fulfill all their obligations without any changes.

"It's time to make a step forward, which will open up new opportunities for the company and each of its clients. With the new owner, we won't only keep our leading positions, but also continue to develop the entire Ukrainian insurance market," the press service added.

The new owner's headquarters is based in Toronto, Canada, it said, adding that it has been engaged in insurance and investment management since 1985.

"The company is listed on the Toronto Stock Exchange (FFH: CN). Its market capitalization is estimated at $15.1 billion. The holding operates in 40 countries across the world," the report said.

UNIAN memo. AXA Insurance, which is the leading insurance company in Ukraine, has been operating since 2007. AXA Insurance started working in the Ukrainian market in July 2013.