Agreed sale of investment, pensions and insurance businesses completes exit of Axa from British life and savings market
France’s Axa has sold its UK investment, pensions and insurance businesses, including SunLife, to UK insurer Phoenix in a £375m deal.
The deal will see £12.3bn of assets under management and more than 910,000 policies transferred to Phoenix. The sale includes the pension and investment businesses Embassy and SunLife, which offer life cover to the over-50s. It is based in Bristol and has been part of the French insurance giant since 1996.
Related: Exit from EU would damage Britain and Europe, says Axa chairman
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