AXA UK&I acquires Ageas UK’s commercial business

AXA UK&I acquires renewal rights to Ageas UK’s commercial business

AXA to grow its commercial business in SME and Schemes market segments with an emphasis on service delivery

15 February 2022

Posted in Partnerships

AXA to grow its commercial business in SME and Schemes market segments with an emphasis on service delivery
Deal underpinned by AXA Commercial’s long-standing commitment to SME businesses
Around 100 Ageas UK employees will transfer to AXA to provide continuity of service for customers and brokers, ensuring ongoing and future needs of customers are met
Renewals from July 2022 to transfer to AXA Commercial

AXA UK&I today announces the acquisition of the renewal rights to Ageas UK’s commercial business, for the initial consideration of £47.5 million.

This acquisition further strengthens AXA’s growth strategy and commitment to its commercial business customers and broker partnerships, particularly in the SME and Schemes market segments. AXA Commercial has long supported SME businesses, having already invested in products and propositions to support them. These are delivered with a responsive service and digital offering designed to meet specific needs of both customers and brokers.

As part of the agreement, around 100 Ageas UK employees will move to AXA Commercial to provide ongoing support and service delivery. This will enable AXA Commercial to maintain strong and productive relationships with brokers and customers, prioritising excellent underwriting, service and value.

The acquisition will see renewals transfer to AXA Commercial from July 2022. As part of the transaction, Ageas UK will continue to manage and provide ongoing service across all policies until they are underwritten by AXA Commercial at renewal. AXA Commercial, alongside Ageas UK, will work closely with brokers to ensure positive customer outcomes continue to be delivered. This acquisition does not include the back book, which will remain with Ageas UK.

This acquisition is a positive step in the growth of our commercial business and further cements our commitment to the SME and Schemes market segments. I look forward to welcoming the new members of the AXA Commercial team and the additional underwriting and operational expertise they bring.

AXA is committed to being a partner of choice for our customers both by continuing to strengthen our business, and by developing new propositions, designed to respond to customer needs.

Jon Walker, Chief Executive Officer at AXA Commercial

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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 concering 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.