Axa sells its life business to local vehicle
Monday 28th June 2010, 2:29PM BST.
GUERNSEY-registered investment vehicle Resolution has agreed to buy Axa’s UK life insurance operations for £2.75bn.
The deal will double the market share of Resolution’s Friends Provident business in Britain’s life and pensions market after it bought that company for £1.86bn in November last year.
Resolution, which was created by insurance entrepreneur Clive Cowdrey at the end of 2008 to buy up assets in the fragmented UK life insurance market, said it would raise £2.1bn from shareholders to help pay for the acquisition.
Upon integration of the two businesses, Friends Provident will be renamed Friends Life. This is expected to happen in early 2011.
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