AXA agrees £2.75bn life & pensions sale to Resolution
AXA has today announced that it has agreed to sell its UK-based traditional life and pensions businesses, its IFA protection and corporate pension businesses and its annuity businesses to Resolution Ltd, for £2.75 billion.
The French group says the move is consistent with its intention to focus on growing its wealth management business in the UK life & savings market.
Going forward, AXA UK will continue to develop its AXA Wealth Management operations, comprising the AXA wrap platform (Elevate), Architas Multi- Manager, AXA Wealth International (including Isle of Man) and the AXA Winterthur Wealth specialist pensions and investments operations, as well as its AXA Direct Protection business.
The group says it also remains fully committed to all its other UK-based businesses including AXA Insurance, AXA PPP Healthcare, Bluefin and the UK operations of AXA Investment Managers.
Chairman and chief executive officer, Henri de Castries, comments: “With this transaction, we are selling to Resolution businesses, notably protection and group pensions, which will benefit from Resolution’s bigger scale in these activities.”
Approximately 2,200 AXA employees will be transferred to Resolution Ltd on completion of the transaction, which expected to take place in the third quarter of 2010.
Earlier this week, AEGON, which owns Scottish Equitable, announced a restructure of its UK life and pensions operations, which will be refocusing on the “at retirement and workplace savings” market.
Category: Axa Insurance News, Employment News, Insurance News
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