Axa sells SunLife division to Phoenix for £375 million

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.”

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