Axa further reduces stake in Axa Equitable

(Reuters) — French insurer Axa SA said on Friday that it had sold an 8% stake in Axa Equitable Holdings through a secondary offering, as part of its plan to gradually divest from its U.S. life insurance business.

Axa sold 40 million shares at $20.85 a share for a total amount of $834 million, the company said. It reduced its stake in Axa Equitable to 40.1% from a previous 48.3%.

The sale of a majority stake in Axa Equitable is part of a plan by Axa to raise cash to pay for its $15 billion acquisition of Bermuda-based rival XL Group Ltd. last year.