£610m netted from sales
Axa completes UK sale with Phoenix deal
It follows the sale earlier this month of its Elevate platform to Standard Life and its agreement in April to sell its Isle of Man offshore investment company to the Life Company Consolidation Group.
Today’s deal marks AXA’s withdrawal from the UK life and savings business which has netted for £610 million.
Axa Wealth represents AXA’s non-platform investment and pensions business and Sun Life, its direct protection business. The pair have been sold subject to regulatory approvals.
Phoenix will gain £12.3 billion of assets under management and more than 910,000 policies. The deal was funded by an equity placing and a short-term debt facility.
Phoenix group chief executive, Clive Bannister said: “We will invest heavily to ensure a smooth transition of the two businesses from AXA to Phoenix and we are committed to delivering the highest level of service to both direct and IFAcustomers, as we do for our existing customers.”
Paul Evans, chief executive of AXA UK and Ireland since 2010, will leave to become a member of the AXA group management committee and chief executiveAXA’s global life and savings and global health.
Amanda Blanc will be appointed chief executive officer of AXA UK, which will now comprise its insurance and health businesses.
Blanc has been chief executive of the AXAInsurance Commercial Lines business in the UK since 2010.