Axa has struck a deal to sell all of its insurance operations in Ukraine to Canadian conglomerate Fairfax Financial.

The deal will see AXA exit the Ukrainian market.

Under the terms of the agreement, Fairfax will acquire 100 percent of the non-life entity (AXA Insurance) and the life entity (AXA Insurance Life) in Ukraine.

According to the statement, 50 percent of AXA Insurance in Ukraine is owned by the commercial bank Ukrsibbank.

The financial terms of the deal were not disclosed.

The closing of the transaction is subject to regulatory approval and other customary closing conditions.