Oman Insurance weighs bid for AXA’s Middle East unit

Axa sold its operations in Poland, the Czech Republic and Slovakia for around EUR 1 billion ($1.1 billion) to Austria’s Uniqa Insurance/Bloomberg

Oman Insurance Company is considering making a bid for the Middle Eastern operations of French insurer Axa.

Mashreq Bank-backed Oman Insurance is working with Barclays as it weighs a potential offer for the business, which provides life, property and health insurance.

Thomas Buberl, Axa’s Chief Executive Officer is moving to streamline the insurer’s operations by retreating from less profitable markets and pulling back from life insurance.

Axa, which is working with HSBC Holdings on its strategic review in the Middle East, sold its operations in Poland, the Czech Republic and Slovakia for around  EUR 1 billion ($1.1 billion) to Austria’s Uniqa Insurance Group in February 2020.

The insurance company posted AED 3.6 billion ($980 million) in revenue and a net income of AED 190.5 million in 2019.