Axa to Reduce AllianceBernstein Ties in Listing of U.S. Unit

A week after Axa SA ousted Peter Kraus from its AllianceBernstein Holding LP unit, the French insurer is taking steps to reduce its financial investment in the money manager to raise cash for deals.

Axa, Europe’s second-largest insurer, on Wednesday announced a plan to list a minority stake in its U.S. businesses, including its U.S. Life & Savings unit and its 64 percent stake in AllianceBernstein. Proceeds from the initial public offering, scheduled for the first half of next year, will be used to fund acquisitions worldwide in areas Axa has earmarked for growth, such as health, protection and commercial property and casualty lines.