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ph-axa-to-sell-axa-bank-belgium

AXA to sell AXA Bank Belgium, and enter into a long-term insurance distribution partnership with Crelan Bank

Financial impacts heading 2

In addition, AXA will take a 9.9% minority equity stake* in Crelan NV* and AXA Bank Belgium, investing a total of Euro 90 million, which will be fully financed by the purchase by Crelan, for Euro 90 million, of the contingent convertible bonds previously issued by AXA Bank Belgium to AXA Group.

Financial impacts heading 3

In addition, AXA will take a 9.9% minority equity stake* in Crelan NV* and AXA Bank Belgium, investing a total of Euro 90 million, which will be fully financed by the purchase by Crelan, for Euro 90 million, of the contingent convertible bonds previously issued by AXA Bank Belgium to AXA Group.

Financial impacts heading 6

In addition, AXA will take a 9.9% minority equity stake* in Crelan NV* and AXA Bank Belgium, investing a total of Euro 90 million, which will be fully financed by the purchase by Crelan, for Euro 90 million, of the contingent convertible bonds previously issued by AXA Bank Belgium to AXA Group.

  • This transaction is expected to result in a positive impact on AXA Group’s Solvency II ratio of ca. 4 points.
  • It is expected to result in a one-time negative Net Income impact* of approximately Euro 0.6 billion in AXA Group’s FY19 consolidated financial statements.
  • Underlying Earnings (UE) generated by AXA Bank Belgium were Euro 47 million* in 2018.

In addition, AXA will take a 9.9% minority equity stake* in Crelan NV* and AXA Bank Belgium, investing a total of Euro 90 million, which will be fully financed by the purchase by Crelan, for Euro 90 million, of the contingent convertible bonds previously issued by AXA Bank Belgium to AXA Group.

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Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalized in the second quarter of 2020.

Financial impacts

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InlineQuote, AXA will take a 9.9% minority equity stake* in Crelan NV* and AXA Bank Belgium, investing a total of Euro 90 million, which will be fully financed by the purchase by Crelan, for Euro 90 million, of the contingent convertible bonds previously issued by AXA Bank Belgium to AXA Group.

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Footnote completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to be finalized in the second quarter of 2020.

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Gérald Harlin

Director of AXA

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