AXA in talks to sell British businesses for 3.3 bln euros
French insurance AXA giant said on Monday that it was in talks with British rival Resolution to sell its life insurance and savings businesses in Britain for 3.3 billion euros.
"If implemented, this transaction would result in AXA retaining its market leading AXA Wealth Management and AXA Direct Protection businesses and selling the remainder of its UK life and savings business to Resolution Ltd," it said in a statement.
AXA said that the deal, which would require Resolution's shareholders and regulators' approval, would leave it with net cash proceeds worth 1.7 billion euros (2.1 billion dollars).
"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 company said.
© 2010 AFP