AXA has agreed to sell its Isle of Man offshore investment company to the Life Company Consolidation Group.
The sale, which is for an undisclosed fee, is the first of three expected deals to sell parts of AXA’s UK businesses.
New Model Adviser® first revealed AXA Isle of Man was up for sale alongside platform AXA Elevate and life insurance business Sunlife last September.
Earlier this month it emerged Standard Life had made a bid for the Elevate platform. Sources told New Model Adviser® the deal could be worth up to £250 million.
AXA Isle of Man was part of AXA’s UK wealth management division AXA Wealth. It primarily offered offshore bonds.
The Life Company Consolidation Group acquires life company books across Europe. Its main life assurance company is Harcourt Life Assurance, which is based in Dublin.
Source: New Model Adviser