TORONTO, Jan. 4, 2012 – Intact Financial Corporation (TSX: IFC) today announced that it has completed the $300 million sale of AXA Life Insurance Inc. to SSQ, Life Insurance Company Inc.
AXA Life Insurance Inc. was acquired in September of last year by IFC as part of the $2.6 billion acquisition of AXA Canada. AXA Life Insurance Inc. has approximately 250 employees and offers health and life insurance products through a vast network of agents.
IFC intends to allocate most of the proceeds to repay the term loan facility used to partially finance the acquisition of AXA Canada.
About Intact Financial Corporation
Intact Financial Corporation (www.intactfc.com) is the largest provider of property and casualty insurance in Canada. Intact offers home, auto and business insurance through Intact Insurance, Novex Group Insurance, belairdirect, GP Car and Home and BrokerLink.