Life, pensions and group pensions sold off but general insurance and wealth management kept
AXA UK has sold its life and pensions, protection and group pensions business to Resolution for £2.75bn.
AXA will keep hold of its general insurance business.
It also retains its wealth management business, AXA wealth, AXA Wealth International and the AXA Winterthur pensions operations as well as its bancassurance business, the Sun Life Direct business and Bluefin Advisory Services.
The deal will involve around 2,200 AXA staff transferring across the Friends Provident when the deal is finalised in the next three months. Around 3,000 staff will remain with AXA.
A number of AXA UK PLC Boardiii changes will also take place. Paul Evans (CEO, AXA Life) will become AXA UK deputy CEO; Jean Drouffe (finance director, AXA Insurance) becomes group finance and risk director replacing Ian Robinson who takes up a new role as the AXA group global head of internal audit in Paris. Mike Kellard is appointed CEO of the new AXA Wealth business and will be appointed to AXA UK PLC Board.
AXA UK CEO Nicolas Moreau said: “This is a significant step in AXA UK’s overall growth strategy that builds on the market leading position that we have developed in our wealth management business.
“The UK life industry is changing fast. Regulatory and market changes will reshape the structure of the UK life industry which is why we are taking steps actively to refocus and shape our own future.
“AXA UK has all the ingredients for future success - a clear strategy, a compelling brand, attractive products, enhanced customer service and strong capital management – and I am confident that this will position us well to grow our UK wealth management, general insurance, healthcare insurance and Bluefin businesses over the coming years.”