AXA to sell off British businesses

AXA announced this morning that it is in talks to sell its businesses in Britain and has opened talks with rival 'Resolution' in a bid to sell its life insurance and savings businesses for €3.3 billion.

14 June 2010, 12:00am

"If implemented, this transaction would result in AXA retaining its market leading AXA Wealth Management and AXA Direct Protection businesses and selling the remainder of its UK life and savings business to Resolution Ltd," AXA said in a statement.

AXA said that the deal, which would require Resolution's shareholders and regulators' approval, would leave it with net cash proceeds worth €1.7 billion euros.

"This potential transaction does not call into question in any way the AXA Group’s continuing long term commitment to the UK market going forward," the company said.