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May 11, 2005 at 08:00 PM
AXA Financial Inc., is in the hunt for a life insurance acquisition, the company’s chief financial officer says.
AXA is looking to buy a carrier that can give it enhanced retail distribution in the U.S., according to UBS Investment Research, New York, quoting Stan Tulin, vice chairman and CFO of AXA Financial.
Speaking at a recent financial conference sponsored by UBS, Tulin said his company could complete a significant acquisition in the industry soon.
AXA has almost completely absorbed its most recent acquisition, MONY, which closed last July, Tulin is reported to have said.
Tulin told the conference his company could borrow up to $3 billion without having to raise new equity, according to UBS.
AXA states that independent financial planners represent a major growth opportunity. Its annuity sales to this channel comprise 48% of its wholesale market but account for just 21% of AXA Distributors’ annuity sales, the company says. AXA added 24 wholesalers last year to sell to this channel.
According to UBS analyst Andrew Kligerman, AXA should complete the integration of MONY’s broker-dealer network by June 10.
