AXA in talks to buy Genworth's lifestyle protection arm

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AXA has entered into exclusive negotiations with Genworth Financial for the potential acquisition of its lifestyle protection insurance division for €475m (£332m).

Genworth Lifestyle Protection Insurance has 4% market share in Europe.

The acquisition would complement Axa's credit and lifestyle protection activities presence in France, Germany and Italy as well as providing entry into new markets such as the Nordics and Southern Europe, the insurer said.

Capitalising on Genworth's relationships with banks, insurers and auto finance providers, AXA credit and lifestyle protection activities would double its portfolio of strategic partners in Europe, it added.

Denis Duverne, deputy CEO of AXA said: "[This acquisition] would represent a unique opportunity to obtain a scalable footprint in Europe and capture additional business potential in high growth markets.

"This transaction would also contribute to bringing our global expertise to the next level thanks to significant technical skills, a reinforced range of administration and digital tools as well as an enlarged products portfolio."

Further reading 

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