Axa sells UK business to Phoenix Group, to book €400m loss
Axa said the sale of its UK Life & Savings businesses and Elevate would raise a total of about £632m
PARIS: French insurance company Axa said on Friday it had agreed to sell its UK investment and pensions business and its direct protection business in the UK to Phoenix Group Holdings.
Axa said the sale of its UK Life & Savings businesses, including the transaction announced today, the sale of the offshore investment bonds business based in the Isle of Man announced on April 28, and the sale of the wrap platform Elevate announced on May 4 would raise a total of about £632 million (Dh3.4 billion).
It added that it expects to book a €400 million (Dh1.6 billion) net loss on these transactions, and that the deal is expected to be finalised in the second half of 2016.
