AXA has agreed to sell its UK-based traditional life and pensions business, its IFA protection and corporate pension businesses, and its annuity businesses for consideration of £2.75bn to Resolution Ltd.

The sale is in line with AXA’s intention to focus on growing its wealth management business in the UK life and savings market, said the group. The potential transaction does not, however, call into question AXA Group’s commitment to the UK market going forward, they said.

AXA UK will continue in the development of its Wealth Management operations, which includes the AXA wrap platform ‘Elevate’, Architas Multi-Manager, AXA Wealth International and the AXA Winterthur Wealth specialist pensions and investments operations. It is also continuing work on its AXA Direct Protection business.

AXA Insurance, AXA PPP Healthcare, Bluefin and the UK operations of AXA Investment Managers will also retain focus.

“As we have shown in the past, we are committed to focus on businesses that benefit from the right combination of scale, competitive position, growth prospects and profitability, as this is the best way to create sustainable value for our clients, our distributors, our staff and our shareholders,” commented Henri de Castries, chairman and CEO of the AXA Group.

“With this transaction, we are selling to Resolution businesses, notably protection and group pensions, which will benefit from Resolution’s bigger scale in these activities. We will focus on our UK wealth management business where we are among the leaders and plan to continue to grow fast.”

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