AXA to Sell Its U.K. Life and Insurance Business

PARIS—French safety net provider AXA SA is in converses with offer its whole U.K. life and investment funds business for around 650 million pounds ($952 million), as the French safety net provider proceeds with its withdrawal from parts of Europe tormented by drowsy development. 

AXA said it had officially consented to offer one a player in the U.K. business—a counselor stage business called Elevate—to Standard Life PLC for an undisclosed sum. It said Wednesday it anticipated that would finish the deal in the second 50% of the year. 

Standard Life, a U.K. monetary administrations organization, said the arrangement would make "one of the U.K's. biggest counselor stage organizations," including that more than 160,000 clients and expanding resources under organization by £9.8 billion ($11.31 billion) to £36.4 billion. 

Europe's second-biggest safety net provider by business sector quality is likewise in converses with offer its remaining U.K. life and sparing resources, including its SunLife direct insurance business and its conventional venture and annuity business to another or a few unidentified potential purchasers. 

"There is no conviction these examinations will bring about a further exchange being marked or, if marked, that the exchange will at last be finished," said AXA in an announcement. 

AXA U.K. Property and Casualty business and its wellbeing and resource administration, known as Architas, won't be incorporated into the conceivable deal. 

A week ago, AXA consented to offer an Isle of Man based seaward business to Life Company Group for an undisclosed sum. 

AXA and its associates in Europe have thought about the eurozone's dubious speculation market and low financing costs that have harmed its advantage administration and funds items. A conceivable arrangement would fit with the French safety net provider's system to leave parts of Europe to reinvest in more quickly developing markets and more productive organizations. 

In the short term, the offer of its U.K. life and sparing resources will have a €400 million negative effect on AXA's net wage 

AXA shares were up 0.3% at €22.11 in early exchanging Paris.