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AXA to sell Manx offshore investment bonds biz to UK firm

AXA agreed to sell AXA Isle of Man Ltd. to U.K.-based in a transaction expected to conclude in the second half, subject to customaryclosing conditions, including regulatory approvals.

The parties did not disclose the terms and conditions of thedeal, AXA said April 28.

LCCG is a specialist vehicle operating in the European lifeassurance sector. Its principal activity is the acquisition of books of lifeassurance business in Europe. LCCG said it will seek to expand the acquiredoffshore investment bonds business through acquisitions.

The AXA unit currently has more than £9 billion of assets.