AXA has sold AXA Wealth along with its Sun Life business to Phoenix Group Holdings.
Along with the deal announced earlier this month to sell its Elevate platform to Standard Life and its agreement in April to sell its Isle of Man offshore investment company to the Life Company Consolidation Group, today’s deal completes the sale of AXA’s entire UK life and savings business for £610 million (€800 million).
The deal with Phoenix is worth £375 million.
Axa Wealth represents AXA’s non-platform investment and pensions business and Sun Life, its direct protection business. The pair have been sold subject to regulatory approvals.
The deal will hand Phoenix £12.3 billion of assets under management and over 910,000 policies. The consideration was funded by an equity placing and a short-term debt facility Phoenix said it expects to be paid off in six months.
Phoenix’s group chief executive, Clive Bannister 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 IFA customers, as we do for our existing customers.’
New Model Adviser® first revealed the French insurance company was looking to sell investment platform Elevate, protection business Sun Life and its Isle of Man offshore bond business in September 2015.
Following the deal Paul Evans, who has been chief executive of AXA UK and Ireland since 2010 will leave to become a member of the AXA group management committee and chief executive AXA’s global life and savings and global health.
Amanda Blanc will be appointed chief executive officer of AXA UK, which will be composed of its insurance and health business.
Blanc has been chief executive of the AXA Insurance Commercial Lines business in the UK since 2010.
Evans (pictured), said: ‘I’m pleased to confirm the sale of the remaining part of our UK life and savings businesses to Phoenix Group Holdings.
‘I would like to warmly thank the UK life and savings teams in AXA Wealth and Sun Life who have accomplished so much over recent years. They can be very proud of what they have achieved, and I wish them all the very best for the future.’
Source: New Model Adviser