Axa announced on 26 September
that it had closed the sale of its Canadian general and life
insurance operations to Canadian general insurer Intact Financial
Corporation for C$2.6bn ($2.5bn).
Simultaneously, Intact
announced that it had agreed to sell the life insurance portion of
the acquisition, Axa Life Insurance, to Canadian composite mutual
insurer SSQ Financial Group for an undisclosed sum.
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Axa Life Insurance operates
in the individual and groups life sectors, and in 2010 reported
premium income of C$159m, assets of C$856m and equity of C$129m.
Axa Life Insurance is to be renamed SSQ Insurance
Company.
Commenting, SSQ Financial CEO
René Hamel said: “The range of services offered by Axa Life
Insurance will fit right in with our existing product offering and
strengthen our position as a key player in insurance and financial
products in Canada.”
According to SSQ Financial,
it has annual revenue in excess of C$2bn, total assets management
of C$7bn and more than 1m customers.
