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14/06/2010
Axa Insurance In Sell-off Bid
Europe's second-biggest insurer, Axa SA, has said it's in talks to sell part of its UK life insurance unit to Resolution Ltd. for £2.75bn.
Axa would receive £2.25bn in cash and the remainder in senior deferred consideration notes, the Paris-based company said in a statement.
Resolution, the investment firm Cowdery started two years ago, plans to fund the purchase through a £2bn rights offer, the company said in a separate statement.
European insurers including Axa and Prudential Plc are seeking to free up capital reserves used to back policies in slower-growing markets like the UK to fund growth in Asia, where margins are wider.
Resolution paid £1.9bn for Britain's Friends Provident Plc last year, the first of as many as four purchases it's planning as it aims to merge UK life insurers and sell the enlarged group back to investors by 2013.
Axa's life insurance division is the eighth-biggest in the UK according to data compiled by the Association of British Insurers. Axa plans to keep its wealth management and non-life insurance operations in the U.K.
Axa's UK life and savings operations posted a €33m net loss in 2009, compared with a €257m profit a year earlier.
It's gross annual life and savings sales in the U.K. fell 22% to €2.78bn as investment fees and premiums dropped.
(BMcC/GK)
Axa would receive £2.25bn in cash and the remainder in senior deferred consideration notes, the Paris-based company said in a statement.
Resolution, the investment firm Cowdery started two years ago, plans to fund the purchase through a £2bn rights offer, the company said in a separate statement.
European insurers including Axa and Prudential Plc are seeking to free up capital reserves used to back policies in slower-growing markets like the UK to fund growth in Asia, where margins are wider.
Resolution paid £1.9bn for Britain's Friends Provident Plc last year, the first of as many as four purchases it's planning as it aims to merge UK life insurers and sell the enlarged group back to investors by 2013.
Axa's life insurance division is the eighth-biggest in the UK according to data compiled by the Association of British Insurers. Axa plans to keep its wealth management and non-life insurance operations in the U.K.
Axa's UK life and savings operations posted a €33m net loss in 2009, compared with a €257m profit a year earlier.
It's gross annual life and savings sales in the U.K. fell 22% to €2.78bn as investment fees and premiums dropped.
(BMcC/GK)
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