AXA has completed the sale of its UK Life & Savings businesses

1 November 2016

Posted in Inside AXA

by Daniel O’Byrne (see media contact)

AXA announced today that it had completed the sale of its wrap platform business 'Elevate' to Standard Life plc, and of its (non-platform) investment, pensions and direct protection ('Sunlife') businesses to Phoenix Group Holdings. This follows the announcement made on October 21st for the closing of the UK offshore investment bonds business ('AXA Isle of Man') disposal. AXA UK Property & Casualty, Health and Asset Management ('Architas') operations are not part of these transactions.AXA recorded an exceptional negative P&L impact of ca. Euro 0.4 billion, accounted for in net income1 during the first half of 2016.

 

 

1AXA also realized an exceptional gain of ca. USD 1.1 billion (or ca. Euro 1.0 billion) after tax on the disposal of two real estate properties in the US, accounted for in Net Income during the first half of 2016