Fri, 27 May 2016 | DIVISION SALE
French multinational insurance company Axa has sold some of its UK businesses including SunLife to UK insurer Phoenix in a deal worth £375 million.
Axa has reportedly sold the vast majority of its UK investment, pensions and insurance divisions to the British company Phoenix. As part of the deal, Axa will transfer around £12.3 billion in assets under management, as well as some 910,000 policies, over to Phoenix.
The deal includes the UK pensions and investment companies Embassy and Bristol-based SunLife — the latter having been with Axa since 1996 — both of which offer UK customers over the age of 50 life insurance cover.
The latest deal means that Axa has wrapped up all of its existing business in the UK, having recently sold Elevate to Standard Life and an Isle of Man bonds company to Life Company Consolidation Group. Axa will lose an estimated €400 million (£305 million) in the deals, but will be in a better position to focus on its core businesses abroad.
Speaking of the deal, Clive Bannister, the chief executive of Phoenix, 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 independent financial adviser (IFA) customers, as we do for our existing customers.
“Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise.”
See the latest businesses for sale.
One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...
Manufacture and supply of high quality, hard metal, flanges and butt welds with machining services. Enviable reputation. Niche offering. Long standing relationships with suppliers. In-house manufacturing capabilities. Diverse client base including m...
Public and private sector road surfacing and civil engineering contractor with a prestigious Royal Warrant for Road Maintenance. Provides roadworks, groundworks and civil engineering services. Diverse customer base including Royal Estates, local auth...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
|
15
|
|
Jan
|
Hawk Plant enters administration | ADMINISTRATION
The Shropshire company, that has previously undertaken landm...
Sign up to receive our acquisition alert emails to get your FREE guide
|
28
|
|
Sep
|
AXA to offer wrap platform in private equity sale | BUSINESS SALE
AXA is set to offer its wrap platform Elevate to private equ...
|
27
|
|
Aug
|
Axa to sell some of its UK businesses | BUSINESS SALE
Axa is set to sell some of its UK businesses as they are rep...
|
09
|
|
Mar
|
Historic Leeds office acquired in £10 million deal | COMMERCIAL PROPERTY
A listed office building in Leeds, which was built in 1968, ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources