Thu, 27 Aug 2015 | BUSINESS SALE
Axa is set to sell some of its UK businesses as they are reportedly struggling to stand up under tough market conditions.
Industry insiders have told the FT Adviser that Barclays have been appointed to handle the sale of a number of different businesses held under the Axa Group parent company.
Among the businesses operated by Axa in the UK are Axa Wealth, Axa PPP Healthcare and the general insurance division Axa Direct. They are still showing signs of growth with Axa Wealth publishing growth in the year to the end of December 2014 as its funds under management grew by 11 per cent.
An industry expert told the FT Adviser: “Axa Group has got lots of different companies doing different things. Axa Group bought up a number of companies in the UK, and it has turned into a complete shambles. The UK is a heavily regulated market – margins are increasingly tight.
“Axa Group would be thinking: ‘We might as well get out and put our money elsewhere.’”
Analysts added that the UK is not a major focus for Axa Group as it has its sights set on emerging markets.
The news comes shortly after Axa announced that it is looking at increasing its share of the insurance mid-market through the introduction of a tailored broker proposition.
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