French insurer Axa has agreed to offload its Isle of Man-based offshore investment firm to the Life Company Consolidation Group (LCCG) for an undisclosed sum.
The Isle of Man unit, which is part of the firm’s UK wealth management arm, is an offshore bond business. The unit manages more than £9bn in assets.
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The companies have not disclosed terms of the transaction, which is subject to regulatory nod. The deal is anticipated to be wrapped up in the second half of 2016.
"LCCG’s strategy is to maintain and grow the UK franchise and to continue the highly successful relationships with AXA Life Europe for the provision of offshore bonds in to the UK from Dublin, and with AXA in Hong Kong and Singapore for the distribution of products in Asia," LCCG said in a statement.
The insurer is also in talks to dispose its wealth management platform known as Elevate and its life insurance business SunLife in the UK.
According to media reports, earlier this month Standard Life already made a bid to acquire Axa’s Elevate platform.
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