CEMAC zone: recession could reach 6% according to BEAC

All the indicators are certainly not red. But most of the economic indicators in the six countries of the Economic and Monetary Community of Central Africa (CEMAC) are already found the Monetary Policy Committee (CPM) of the Bank of Central African States (BEAC) at the end of the second annual session on June 24, 2020 in Yaoundé.

Analyzing the situation in Central Africa, it emerges that in the short and medium terms, the CEMAC zone is affected by the health crisis and the fall in the prices of the main export products. "

"In the first half of 2020, the revival of productive activities was slowed down in the sub-region by the disruption of supply circuits for imported products as well as by the restrictive measures adopted by the various governments to contain the effects of the pandemic. Although it is premature for the moment to fully grasp the impact of COVID-19 on national economies, it is already anticipated during this first semester a drop in production as well as a det…

Axa to sell its activities in central and eastern Europe

Insurer announced an agreement with the Austrian Uniqa to divest it of its activities in central and eastern Europe. Change of course for Axa. The insurer has concluded an agreement with its Austrian counterpart Uniqa to divest it of its activities in central and eastern Europe for a billion euros, he announced Friday, February 7. According to this agreement, Axa would sell all of its life and savings, damage and retirement activities in Poland, the Czech Republic and Slovakia, "a new important step in the simplification of Axa's profile," he said in a statement. . However, the activities of Axa XL and Axa Partners in these three countries are not affected by the transaction.

Axa Building in Europe

The finalization of this sale, which should strengthen the group's balance sheet, should take place during the fourth quarter of 2020. It should, according to Axa, improve the group's economic solvency ratio by around 2 points. The transaction should not have a significant impact on its bottom line, the company said in its press release. In 2018, the group had published a net profit divided by almost three, weighted in particular by an exceptional charge, at 2.1 billion euros.

In detail, Axa Poland's turnover in 2018 represented 585 million euros, while the Czech Republic and Slovakia represented 170 million euros, all operations combined, over the same period. For Uniqa, which is based in Austria and also based in Eastern Europe, this acquisition will bring 5 million new customers, more than 2,000 more employees and 800 million euros in additional insurance premiums, he said in a separate press release. "We will significantly improve our position in each of these markets," said Andreas Brandstetter, the head of the Austrian insurer. Axa will publish its results on February 20. In December, the heavyweight of the sector announced that it had finalized the takeover of its Chinese damage insurance joint venture Axa Tianping, for 590 million euros, allowing it an unprecedented breakthrough in China.