LONDON — The French insurer AXA said on Friday that it had agreed to sell its SunLife and its Embassy pensions and investment business in Britain to Phoenix Group.
This month, AXA said it was in talks to sell its remaining life insurance and savings business in Britain after a strategic review.
Phoenix said it would pay 375 million pounds, or about $551 million, in cash for the business.
As part of its exit from the life insurance and savings business in Britain, AXA also agreed this month to sell its portfolio advisory business, known as Elevate, to Standard Life for an undisclosed amount. In April, AXA agreed to sell its offshore investment bonds business, which is based on the Isle of Man, to Life Company Consolidation Group.
Over all, AXA said that it expected to receive £632 million from the sale of its life insurance and savings units in Britain. The sale of the businesses would result in AXA’s losing 400 million euros, or about $447 million, in income.
The SunLife deal is subject to regulatory approval, and it is expected to close in the second half of this year.
“The acquisition of the Embassy and SunLife businesses represents another important step forward in Phoenix’s growth strategy,” Clive Bannister, the Phoenix chief executive, said in a news release. “We believe that both the Embassy and SunLife businesses are a strong fit, benefiting both shareholders and policyholders alike.”
By buying the business, Phoenix would gain £12.3 billion in assets under management and more than 910,000 policies, the company said.
After the transaction, Phoenix would have £59 billion of assets held on behalf of 5.4 million policyholders.
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