AXA seeks buyers for some U.S. life insurance assets: Bloomberg
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)
- Tweet this
- Share this
- Digg this
- India approves $2.6 bln mounted gun purchase - official
- Computer spying malware uncovered with 'stealth' features - Symantec
- 'Hunger Games' tops U.S. box office with $123 million opening
- Celebrity song to aid fight against Africa Ebola crisis tops UK charts
- Obama to Republican critics on immigration: 'Pass a bill'