AXA seeks buyers for some U.S. life insurance assets: Bloomberg

PARIS Fri Dec 7, 2012 3:15pm IST

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PARIS (Reuters) - French insurer AXA (AXAF.PA) is seeking buyers for some U.S. life insurance assets that could be worth some $500 million, Bloomberg News reported, citing three unnamed sources.

AXA has hired investment bank Morgan Stanley to find a buyer for the assets, which include the remants of the Mony Group Inc, a business that AXA acquired in 2004, the news service said.

An AXA spokesman declined comment.

Following the $1.5 billion takeover, Mony's network of financial advisers was folded into AXA's own and the unit has mostly stopped selling life insurance.

In November, AXA cut its profit outlook in a sign of how low interest rates have squeezed life insurers which are committed to minimum payouts to customers.

(Reporting By Christian Plumb. Editing by Jane Merriman)

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