AXA to Sell Winterthur US Property & Casualty Operations to QBE Insurance Group for a Total Consideration of US$1.8 Billion
2007年1月5日 - 7:57AM
PRニュース・ワイアー (英語)
(Purchase Price: US$1.2 Billion + Debt Repayment: US$0.6 Billion)
PARIS, Jan. 4 /PRNewswire-FirstCall/ -- AXA announced today it has
reached an agreement with QBE Insurance Group for the sale of
Winterthur's US operations for US$1,156 million (Euro 920
million)(1). In addition, Winterthur US will repay US$636
million(2) (Euro 506 million)(1) of inter-company loans to
Winterthur Group. This transaction follows AXA's decision to put
Winterthur US operations under strategic review, as initially
announced on June 14, 2006. In 2006, estimated(3) Winterthur US
operations gross written premiums are US$1,480 million and net
income is US$81 million. The synergy targets announced by AXA for
the integration of Winterthur Group are not impacted, as they did
not include any cost savings from Winterthur US operations. The
transaction is subject to necessary regulatory approvals and is
expected to close during the second quarter of 2007. About AXA: AXA
Group is a worldwide leader in Financial Protection. AXA's
operations are diverse geographically, with major operations in
Western Europe, North America and the Asia/Pacific area. IFRS
revenues amounted to Euro 72 billion for full year 2005 and Euro 59
billion in 9M06. The AXA ordinary share is listed and trades under
the symbol AXA on the Paris Stock Exchange. The AXA American
Depository Share is also listed on the NYSE under the ticker symbol
AXA. This press release is available on the AXA Group web site:
http://www.axa.com/ IMPORTANT LEGAL INFORMATION AND CAUTIONARY
STATEMENTS CONCERNING FORWARD- LOOKING STATEMENTS Certain
statements contained herein are forward-looking statements
including, but not limited to, statements that are predications of
or indicate future events, trends, plans or objectives. Undue
reliance should not be placed on such statements because, by their
nature, they are subject to known and unknown risks and
uncertainties. Please refer to AXA's Annual Report on Form 20-F and
AXA's Document de Reference for the year ended December 31, 2005,
for a description of certain important factors, risks and
uncertainties that may affect AXA's business. AXA undertakes no
obligation to publicly update or revise any of these forward-
looking statements, whether to reflect new information, future
events or circumstances or otherwise. (1) Taking into account
hedges put in place by AXA for this transaction at 1 Euro = 1.26
US$). (2) Of which US$79 million have been repaid in Q4 2006 (3) In
US GAAP DATASOURCE: AXA CONTACT: AXA Investor Relations: Etienne
Bouas-Laurent, +33-1-40-75-57- 25, or Sophie Bourlanges,
+33-1-40-75-56-07, or Emmanuel Touzeau, +33-1-40-75- 49-05, or
Kevin Molloy, +1-212-314-2893; AXA Media Relations: Christophe
Dufraux, +33-1-40-75-46-74, or Clara Rodrigo, +33-1-40-75-47-22, or
Armelle Vercken, +33-1-40-75-46-42, or Mary Taylor, +1-212-314-5845
Web site: http://www.axa.com/
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