AXA to sell investment, pensions & direct protection businesses

AXA to sell its investment, pensions and direct protection businesses in the UK to Phoenix Group Holdings

AXA UK announced today that it had entered into an agreement with Phoenix Group Holdings to sell its (non-platform) investment and pensions business and its direct protection business (“SunLife”). Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

27 May 2016

Posted in News story

Together with the previous two announced transactions, the overall consideration for the sale of the entire UK Life & Savings business would amount to ca. Euro 0.8 billion.

AXA’s UK Life and Savings business is composed of AXA Wealth and SunLife. The wealth business has completed an impressive transformation, moving from a loss-making business when it formed in 2010, to a profitable one today. Over the last five years, AXA Wealth has more than tripled its assets under management from £15 billion to over £46 billion through its business portfolio which incorporates a number of market-leading operations in the segments in which they operate. SunLife is the market leader in the Over-50 protection market and achieved £152 million gross written premiums in 2015, having refreshed its brand to focus on bringing straightforward and affordable products to a wider customer market.

The business turnaround has given AXA UK optionality which led to the announcements of its decision to deploy Architas across AXA’s European life and savings businesses, and that it has agreed to sell its (non-platform) pension and investment business and SunLife to Phoenix, AXA Wealth International to LCCG and Elevate to Standard Life.

Paul Evans, Chief Executive Officer, AXA UK & Ireland

I’m pleased to confirm the sale of the remaining part of our UK Life and Savings businesses to Phoenix Group Holdings.

I would like to warmly thank the UK life & savings teams in AXA Wealth and SunLife who have accomplished so much over recent years. They can be very proud of what they have achieved, and I wish them all the very best for the future.

Paul Evans, Chief Executive Officer at AXA UK & Ireland

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Legal notes

About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concerning forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: “Risk Factors and Risk Management” of AXA’s Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA’s business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.