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AXA to sell Hong Kong Swiss Privilege franchise

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AXA to sell Hong Kong Swiss Privilege franchise

French insurer Axa agreed to sell Axa Wealth Management (HK) Ltd., its Swiss Privilege franchise in Hong Kong, to Hong Kong-based Jeneration Holdings Ltd for HK$2.2 billion, or €237 million.

Axa Wealth Management (HK) is a licensed Hong Kong life insurer that manages individual policies through a network of salaried consultants under the Swiss Privilege brand. It represented about 2% of 2016 new business annual premium equivalent for Axa Hong Kong's life and savings business.

The sale is in line with Axa's portfolio simplification and will allow the Hong Kong business to focus on its core life agency and broker channels, the company said.

The sale price represents an implied 1.4x enterprise value multiple. The sale is subject to customary conditions, including the receipt of regulatory approvals, and is expected to be finalized by the end of 2018 or early 2019.