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AXA Said To Look For Acquisition

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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 financial conference sponsored by UBS, Tulin said his company could do a significant acquisition in the industry soon.

AXA has almost completed absorbing its most recent acquisition, MONY, which closed last July, Tulin said.

Tulin told the conference his company could borrow up to $3 billion without having to raise new equity.

According to UBS analyst Andrew Kligerman, AXA should complete the integration of MONY’s broker-dealer network by June 10.

Kligerman thinks the company could attempt another deal even before then if the opportunity is attractive enough.

He suggests leading acquisition candidates could be Lincoln National, Philadelphia; Nationwide Financial, Columbus, Ohio; or Prudential Financial, Newark, N.J.

AXA Financial, New York, is the U.S. affiliate of AXA S.A., Paris.