Axa Says U.K. Divestments to Generate Loss of 400 Million Euros

Axa said the sale of its U.K. Life & Savings businesses will generate a loss of 400 million euros.

The French insurer said Friday that it agreed to sell its U.K. investment, pensions and direct protection businesses to Phoenix Group Holdings, a transaction that it expects to complete in the second half of 2016. The sale of Axa’s offshore investment bonds unit based in the Isle of Man was announced April 28 and the sale of its Elevate division was announced May

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