AXA to sell its Romanian operations

Today, AXA announced it has entered into an agreement with Certinvest and SIF Transilvania to sell its Life & Savings insurance operations in Romania, and exit the Romanian market. Under the terms of the agreement, Certinvest would acquire a stake of 70% in AXA's Romanian subsidiary, AXA Life Insurance S.A., while SIF Transilvania would acquire the remaining stake of 30%.