UPDATE 2-French insurer AXA sells last UK life and savings business

vendredi 27 mai 2016 14h37
 

* Phoenix to pay 375 mln pounds in cash

* Deal will add 12.3 bln pounds to Phoenix assets

* AXA to book 400 mln euro loss on three UK sales this year (Adds Phoenix CEO comments, advisers, background)

By Geert De Clercq and Esha Vaish

PARIS, May 27 (Reuters) - French insurer AXA is selling its UK investment and pensions business to Phoenix Group , completing a well-flagged exit from a mature life assurance market to focus on faster-growing emerging economies.

AXA completed a five-year strategic plan last year that helped it solidify its position as the second biggest insurer in Europe after Germany's Allianz by turning more to countries in the developing world with low insurance coverage.

Following the sale, AXA will have raised 832 million euros ($930 million) from the disposal of its UK life and savings businesses this year, though it will book a 400 million euro loss on the transactions, it said on Friday.

AXA, which also announced a management reshuffle under its incoming chief executive on Friday, has previously sold its platform Elevate to Standard Life and offshore investment bonds business to Life Company Consolidation Group.

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