AXA to acquire Winterthur for CHF 12.3 billion (Euro 7.9 Billion)

"This transaction is a unique opportunity to reinforce our leading position in our core European market and to increase our presence in high growth markets, notably in Central and Eastern Europe and in Asia," said Henri de Castries, AXA Group Chief Executive Officer.

"The complementarity of our organisations and the strong cultural fit between our teams will facilitate the integration of Winterthur and will drive value creation for our shareholders. I am confident that the combined efforts of AXA and Winterthur's many talented and dedicated professionals will very positively contribute to our company growth, on top of our existing Ambition 2012 target."

AXA announced today that it has entered into a definitive agreement with Credit Suisse Group under which AXA will acquire 100% of Winterthur for CHF 12.3 billion (Euro 7.9 billion) to be paid in cash. In addition, AXA will refinance CHF 1.6 billion (Euro 1.0 billion) of Winterthur's outstanding debt, of which CHF 1.1 billion (Euro 0.7 billion) of internal loans to be redeemed to Credit Suisse Group at closing.

Winterthur is active in 17 countries and serves 13 million clients worldwide. It is one of the top 10 composite insurers in Europe with a leading position in Switzerland and a strong presence in Germany, Spain, Benelux and the UK. It has successfully developed high growth Life & Pensions operating platforms in Central and Eastern Europe. Winterthur also operates in selected countries in Asia. Winterthur's portfolio is balanced between Life & Savings (62% of insurance revenues) and P&C business (38% of insurance revenues), and its client base consists of individual clients as well as small and medium-sized enterprises (SMEs), served through complementary proprietary and non-proprietary distribution networks.