French insurer Axa is in talks to divest majority of its wealth management and life insurance operations in the UK.
According to media reports, the firm is likely to sell the units in two separate deals, which are expected to fetch a price ranging between £500m and £700m.
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Standard Life has already made a bid to buy Axa’s wealth management platform known as Elevate, reports suggested.
The platform, launched in 2008, has been designed to help IFAs in the UK manage client investments. The firm was in the lookout for a buyer for the platform since last year.
Axa is reportedly also in negotiations with other bidders to offload its UK life insurance unit SunLife and its Isle of Man investment company.
The insurer is likely to ink agreements on the sales by the end of this month.
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