Generali Agrees to Buy Axa’s Greek Assets for $203 Million

Assicurazioni Generali SpA agreed to buy the Greek operations of French insurer Axa SA as part of its plans to expand in European non-life and health businesses.

The Italian company will pay 165 million euros ($203 million) for Axa Greece, equivalent to 12.2 times 2019 earnings, subject to closing adjustments, it said in the statement. Generali has also extended an existing distribution agreement between Axa and Alpha Bank AE by 20 years beyond its current expiration date of March 2027.

Axa currently sells insurance products in Greece through a long-term distribution agreement with Alpha Bank, making the renegotiation of the ...