French group AXA has confirmed that it is in discussions with Resolution Ltd regarding a potential transaction concerning part of AXA's life operations in the UK.
If implemented, this transaction would result in AXA retaining AXA Wealth Management and AXA Direct Protection businesses and selling the remainder of its UK life business to Resolution. The possible deal does not affect AXA Insurance or AXA PPPhealthcare.
Resolution is sounding out its investors about backing a £2.8billion rights issue to fund the takeover. The insurance industry consolidator, run by tycoon Clive Cowdery, con firms that the plan is to merge the operations into subsidiary Friends Provident.