AXA to Sell Franchise in Hong Kong for EUR237 Million

By Marc Navarro GonzalezFeaturesDow Jones Newswires

AXA SA (CS.FR) has sold its Swiss Privilege brand in Hong Kong to Jeneration Holdings Limited for around 237 million euros ($281.3 million,) the company said Friday.

The French insurer said the deal is to be fully paid at closing, and is expected to be finalized by the end of 2018 or 2019.

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AXA operates its life insurance franchise AXA Wealth Management Limited in Hong Kong through its Swiss Privilege brand, it said.

The company said the operation will allow it to simplify both its portfolio and corporate structure in Hong Kong.

Write to Marc Navarro Gonzalez at marc.navarrogonzalez@dowjones.com

(END) Dow Jones Newswires

December 22, 2017 12:32 ET (17:32 GMT)