Resolution to buy Axa’s UK life arm for £2.8bn

Clive Cowdery’s life business consolidator Resolution is in talks to buy annuity, protection and group pensions businesses of Axa UK for about 80 per cent of their £3.5bn book value - about £2.8bn, the FT reports.

Axa will retain ownership of its UK wealth management business, general insurance and health units.

In a statement, AXA said: "This potential transaction does not call into question in any way the AXA Group’s continuing longterm commitment to the UK market going forward. The Group remains fully committed to AXA’s UK Direct Protection and Wealth Management operations."

It added: "AXA Group also remains committed to all its other UK-based businesses, AXA Insurance and AXA PPP Healthcare, Bluefin and the UK operations of AXA Investment Managers."