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AXA to sell AXA Portfolio Services to Standard Life


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AXA to sell AXA Portfolio Services to Standard Life

Standard LifePlc, through unit Standard Life Savings Ltd., agreed to purchase theentire issued share capital of AXA Portfolio Services Ltd. from .AXA Portfolio Services trades as Elevate.

The acquisition, subject to certain conditions includingregulatory approvals, will be funded using existing cash resources, StandardLife said May 4.

Standard Life said the deal will create one of the largestadviser platform businesses in the U.K. with combined assets underadministration of £36.4 billion. The transaction is expected to deliver"significant benefits," the company said.

AXA said the deal is expected to complete in the secondhalf. The transaction follows AXA's recent deal to sell AXA Isle of Man Ltd. to U.K.-based

AXA added that it is also in to sell U.K. direct protectionbusiness SunLife and AXA's traditional non-platform investment and pensionbusiness in the U.K.

"These transactions would allow AXA to rebalance thefocus of its UK activities towards property and casualty, health and asset management,"AXA UK CEO Paul Evans said.

The firm expects overall consideration from the sale of theU.K. life and savings businesses to total about ?£650 million. Ifdefinitive agreements are reached and the transactions completed, AXA expectsthem to generate a negative profit and loss impact of approximately €400million.

AXA also expects to realize an exceptional gain of about$1.1 billion after tax during the first half from the disposal of two realestate properties in the U.S.