Insurer finalises exit from UK life and savings businesses

AXA cropped

French insurance group AXA has completed the sale of its UK life and savings businesses.

It has sold its online investment platform Elevate to Standard Life and its SunLife investment, pensions and direct protection businesses to Phoenix Group Holdings.

The news of the completion comes amid rumours that AXA is in talks to sell its UK insurance broking business, Bluefin, to global broking powerhouse Marsh.

AXA first revealed its plans to sell Elevate and SunLife in May this year. The deals exclude AXA’s UK general insurance, health and asset management businesses.

The sales resulted in a one-off hit of €400m to AXA’s profit, which was accounted for in the company’s first half results. The impact was cancelled out by a €1bn one-off gain from the sale of two properties in the US.

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