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Axa reportedly in talks to sell most of U.K. wealth units

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(Bloomberg) — Axa SA, France’s largest insurer, is in talks to sell most of its U.K. life insurance and wealth investments businesses, according to two people with knowledge of the matter.

Axa is likely to sell parts of the units, known collectively as Axa Wealth, to separate bidders in deals that may raise 500 million pounds ($715 million) to 700 million pounds, said the two individuals, who asked not to be identified because the information is private.

Axa may reach agreements on the sales by the end of this month as it streamlines the U.K. units. The Paris-based company is also in talks with other bidders to sell SunLife, a U.K. business that provides life insurance and funeral costs coverage for people ages 50 and older, plus investment fund activities on the Isle of Man, the sources said.

A spokesman for Axa declined to comment when reached by phone.

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