Europe’s second-largest insurer Axa SA said it expects proceeds of $3.1 billion (Dh11.3 billion) from the sale of its remaining shares in AXA Equitable Holdings Inc.

The French insurer listed AXA Equitable Holdings last year to help finance the takeover of XL Group. It has since been selling shares in the US company.

Axa said late on Friday it sold 144 million shares to sole underwriter Goldman Sachs at a net price of $21.8 a share. The offering is expected to close November 13 and Axa Equitable Holdings will repurchase 24 million of the shares.

The sale of shares will boost Axa Group’s Solvency II ratio by around six points and have no significant impact on earnings, the company said.