French insurer Axa is engaged in exclusive negotiations with Genworth Financial to acquire its lifestyle protection insurance business, for around €475m ($510m).

Genworth

Genworth Lifestyle Protection Insurance (Genworth LPI) is claimed to be one of the leading creditor insurance providers in Europe, which offers credit and lifestyle protection insurance.

Based in London, Genworth LPI carries out operations in around 18 countries of Europe, in addition to countries in Latin America and Asia.

Axa deputy CEO Denis Duvern said: "This operation would be another milestone in Axa’s ambition to become a leading global provider of credit and lifestyle protection, a business in which we operate today through the Axa Creditor brand."

The acquisition of Genworth LPI is expected to expand Axa’s credit and lifestyle protection activities in markets such as France, Germany and Italy, in addition to entering into new markets such as Nordics and Southern Europe.

The business will also allow Axa to expand its operations in markets such as China, Latin America, Turkey and Poland.

Genworth LPI offers a wide range of traditional lifestyle protection and credit insurance products, including disability and unemployment products, as well as additional products such as GAP² and life insurance.

The firm provides its products through relationships with major banks and auto finance providers via direct distribution, as well as reinsurance quota share agreements.

Subject to customary conditions, the proposed transaction is expected to be finalized by the end of this year.


Image: Axa is in exclusive negotiations to purchase Genworth Lifestyle Protection Insurance. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.