March 4, 2018 / 12:31 PM / in 7 months

France's Axa in advanced talks to buy XL Group - report

PARIS (Reuters) - French insurer Axa (AXAF.PA) is in advanced talks to buy XL Group Ltd. XL.N, a property and casualty insurer with a market value of $11 billion, Bloomberg reports, citing people familiar with the matter.

FILE PHOTO: Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo

A deal could be announced in coming days, it added.

Axa could not be immediately reached for comment.

In November, AXA said it would narrow its acquisition focus to 16 key countries.

AXA highlighted 10 developed markets - such as Germany, France, Belgium, Italy and the United States - and six in emerging markets - Brazil, China, Indonesia, Mexico, the Philippines and Thailand - countries that together account for nearly 90 percent of AXA’s profits.

Reporting by Dominique Vidalon; Editing by Keith Weir

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