AXA of France sells some UK units to Resolution for 2.75 bln pounds ($4.1 bln)
By APThursday, June 24, 2010
AXA sells some UK units to Resolution
LONDON — British buyout fund Resolution Ltd. has agreed to acquire a package of U.K. businesses from French insurer AXA SA in a deal worth 2.75 billion pounds ($4.1 billion).
Resolution says it intends to merge the AXA businesses with another British insurance company, Friends Provident.
Resolution said Thursday it aims to save 75 million pounds a year in costs by combining the operations.
AXA says the sale includes its traditional life and pensions business in Britain and its annuity business. The French company says it will now focus on growing its wealth management business in Britain.
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