Resolution buys AXA businesses in UK for 2.75 bln pounds

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British insurer Resolution announced Thursday it has acquired French insurer AXA's life insurance and savings businesses in Britain for 2.75 billion pounds (3.3 billion euros, 4.0 billion dollars).

The purchase involves a cash payment of 2.25 billion pounds with the rest paid in shares, it said.

The deal is expected to be finalised in September, but requires approval by Resolution's shareholders and regulators.

It would give Resolution a strong foothold in the group pensions businesses, merging AXA with its Friends Provident operations, which Resolution took over in August last year.

Resolution is trying to lead consolidation in Britain's insurance sector and Friends was its first major acquisition in its bid to acquire three to four insurers over the next few years.

© 2010 AFP

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