Axa has announced that it is selling its portfolio platform business, Elevate, to Standard Life, after taking a strategic review of the UK life and savings market.
The transaction follows the announcement made on April 28 about the disposal of its UK offshore investment bonds business, Axa Isle of Man.
The French insurance group has also confirmed that it is engaged in discussions for the disposal of its remaining UK life and savings assets, namely its direct protection business Sun Life and its traditional (non-platform) investment and pension business.
Axa UK’s non-life, health and asset management operations are not included in the scope of the strategic review, Axa said in a statement.
The overall consideration for the sale of the UK life and savings businesses included in the transactions under consideration is currently expected to amount to around £650m (€830m).
Axa said that if the parties reach a definitive agreement and the transactions are completed, they would generate an exceptional negative profit / loss impact of around €0.4bn accounted for in net income.
Standard Life said the acquisition of Elevate to its own professional advisor “wrap business” adds over 160,000 customers and assets under administration of £9.8bn, making a new group total of £36.4bn assets under administration.