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| Axa sells UK businesses including SunLife to insurer Phoenix | Axa sells UK businesses including SunLife to insurer Phoenix |
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| France’s Axa has sold its UK investment, pensions and insurance businesses, including SunLife, to UK insurer Phoenix in a £375m deal. | France’s Axa has sold its UK investment, pensions and insurance businesses, including SunLife, to UK insurer Phoenix in a £375m deal. |
| The deal will transfer £12.3bn of assets under management and more than 910,000 policies to Phoenix. The sale includes the pension and investment businesses Embassy and SunLife, which offer life cover to the over-50s. The Bristol-based SunLife has been part of the French insurance giant since 1996. | |
| Related: Exit from EU would damage Britain and Europe, says Axa chairman | Related: Exit from EU would damage Britain and Europe, says Axa chairman |
| Clive Bannister, chief executive of Phoenix, said the acquisition of the Embassy and SunLife businesses was another important step forward in the firm’s growth strategy. Phoenix specialises in buying life assurance businesses that are closed to new customers. | Clive Bannister, chief executive of Phoenix, said the acquisition of the Embassy and SunLife businesses was another important step forward in the firm’s growth strategy. Phoenix specialises in buying life assurance businesses that are closed to new customers. |
| Bannister said: “We will invest heavily to ensure a smooth transition of the two businesses from Axa to Phoenix and we are committed to delivering the highest level of service to both direct and IFA [independent financial adviser] customers, as we do for our existing customers. Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise.” | Bannister said: “We will invest heavily to ensure a smooth transition of the two businesses from Axa to Phoenix and we are committed to delivering the highest level of service to both direct and IFA [independent financial adviser] customers, as we do for our existing customers. Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise.” |
| The agreed sale completes Axa’s exit from the British life and savings market. It recently sold its Elevate business, a platform which handles almost £10bn of UK investments, to Standard Life, as well as an Isle of Man offshore bonds business to Life Company Consolidation Group. | The agreed sale completes Axa’s exit from the British life and savings market. It recently sold its Elevate business, a platform which handles almost £10bn of UK investments, to Standard Life, as well as an Isle of Man offshore bonds business to Life Company Consolidation Group. |
| The disposals mean a loss of €400m for the French company, but will enable it to focus on property and casualty, health and asset management in the UK. | |
| Axa also announced changes in its top management, ahead of the arrival in September of new chief executive Thomas Buberl. He has led Axa’s German business for four years and was chosen in March to succeed Henri de Castries, who is leaving the company earlier than expected. De Castries built Axa into one of the world’s largest insurance companies through acquisitions in Europe and emerging markets, including in China and Colombia. | Axa also announced changes in its top management, ahead of the arrival in September of new chief executive Thomas Buberl. He has led Axa’s German business for four years and was chosen in March to succeed Henri de Castries, who is leaving the company earlier than expected. De Castries built Axa into one of the world’s largest insurance companies through acquisitions in Europe and emerging markets, including in China and Colombia. |
| Earlier this week, Axa decided to pull out of tobacco investments, saying it would sell its €1.8bn (£1.4bn) portfolio and calling on rivals to follow suit. Buberl referred to the tragic human cost of tobacco and the huge economic cost. | Earlier this week, Axa decided to pull out of tobacco investments, saying it would sell its €1.8bn (£1.4bn) portfolio and calling on rivals to follow suit. Buberl referred to the tragic human cost of tobacco and the huge economic cost. |