2006
(01/09/2006) AXA UK announces it is in acquisition talks with Thinc Destini
Acquisition would strengthen AXA's position in provision of financial advice within the UK market place
AXA UK confirmed today that it is in exclusive discussions with the board of Thinc Destini Group Limited with a view to acquiring 100% of Thinc Destini.
Paul Evans, Chief Executive of AXA Sun Life said:
"Our discussions with the board of Thinc Destini are at an advanced stage and I hope that we can progress quickly to an acquisition. We believe an acquisition of Thinc Destini would represent an exciting development both for AXA and Thinc Destini and would allow both companies to forge ahead with their ambitious growth plans.
"Our intention would be for AXA to run Thinc Destini as an independent advisory firm, separate from AXA's product provider businesses. In doing so, we would strengthen our presence in the distribution of life, investment and pensions products in the UK."
Thinc Destini is a multi-channel advisory business with a National multi-tie, IFA and network model with more than 650 advisers. The business has approximately £3 billion of funds under advice and procured around £3 billion of mortgages for customers in 2005.
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About AXA
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe , North America and the Asia/Pacific area. AXA had € 1,091 billion in assets under management as of June 30, 2006 , and reported total revenues of € 41 billion and underlying earnings of € 2,090 million for the first half of 2006.
AXA ordinary shares are listed on the Paris Stock Exchange; AXA American Depositary Shares (ADSs) are listed on the NYSE under the ticker symbol AXA.