Kuwait: GIG makes exit from UAE life insurer HAYAH
Source: Middle East Insurance Review | Nov 2022
Gulf Insurance Group (GIG) has made a profit from the sale of its entire stake in the UAE’s HAYAH Insurance, the Kuwaiti group said in a statement lodged with Boursa Kuwait.
GIG sold its stake of 28.05% in the life insurer for KWD1,636,940 ($5.3m), realising a gain on divestment of an estimated KWD20,830.
Abu Dhabi-headquartered HAYAH Insurance was rebranded from AXA Green Crescent Insurance Company in February 2022. The change was made around six months after AXA’s exit from the Middle East in September 2021.
In November 2020, AXA announced that it had reached an agreement with GIG for the latter to take over the French group’s stakes in AXA Gulf (Bahrain, UAE, Oman and Qatar), AXA Cooperative Insurance Company (Saudi Arabia) and AXA Green Crescent Insurance (UAE). The $474.75m deal was completed in September 2021. M