France's AXA selling off U.K. life and savings businessReprints
AXA S.A. has agreed to sell its Elevate investment platform investment business to Standard Life P.L.C. as part of its strategy of concentrating on property/casualtyand certain other lines of business, AXA announced Wednesday.
In the announcement, Paris-based AXA said that it was in discussions to sell all of its U.K. life and savings business, including its SunLife life insurance operation. AXA noted, however, that “there is no certainty these discussions will result in a further transaction being signed or, if signed, that the transaction will ultimately be completed.”
AXA said that the sale of the U.K. life and savings business is expected to generate about £650 million pounds ($949.7 million). The insurer had already announced that AXA UK had entered into an agreement to sell its Isle of Man-based offshore investment bonds business to Life Company Consolidation Group. The decision to sell followed a strategic review conducted by AXA UK P.L.C. of the U.K. life & savings—market.
“We have reviewed the strategic benefits of pursuing our activities in the U.K. life & savings market,” said Paul Evans, CEO of AXA UK, in the announcement. “After detailed consideration, we have come to the conclusion that these businesses could be even more successful if supported by organizations with a stronger strategic focus on the life & savings segment. These transactions would allow AXA to rebalance the focus of its U.K. activities towards property & casualty, health and asset management.”