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France's Axa says to sell remaining UK life and savings units

Published 04/05/2016, 07:28
Updated 04/05/2016, 07:30
© Reuters. Logos of France's biggest insurer Axa are seen on a building in Nanterre
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PARIS (Reuters) - French insurance group Axa (PA:AXAF) said on Wednesday it was in talks to sell its remaining UK life and savings assets in a deal that could allow it to potentially raise 650 million pounds.

It said the transaction would generate a one-time negative net income impact of 400 million euros (315.79 million pounds).

© Reuters. Logos of France's biggest insurer Axa are seen on a building in Nanterre

Axa said it agreed to sell its "Elevate" wrap platform business to Standard Life (L:SL) and that it was also in discussions to dispose of its direct protection business, SunLife, and its traditional investment and pension business.

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