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About AXA

AXA announces focus on wealth management
- and an intention to sell the IFA protection, corporate benefits and life and legacy pensions book to Resolution

Many of you will have seen the press coverage over the weekend that we are in discussions with Resolution relating to a potential transaction.

We have today issued a statement to the external media confirming we are in discussions with Resolution to dispose of part of our life and savings operations.
Ideally, we would have wanted to communicate to our distributor partners only after a final decision about a transaction was made. Over the weekend, however, speculation in the national media about a potential deal mounted significantly. As always in these situations much of what has been reported has been incomplete or in some cases factually inaccurate, which has meant it became important that we communicate with you as soon as possible.

If implemented, AXA UK's operation would be reshaped around the wealth management, general insurance and PPP healthcare businesses, providing focus in the three key areas which AXA believes offer the most long-term potential.

The new AXA Wealth portfolio of businesses will comprise the following:
• AXA's wrap platform ('Elevate'),
• Architas Multi-Manager,
• AXA Wealth International, including Isle of Man and Dublin
• AXA Winterthur Wealth specialist pensions and investments operations, and the Corporate Investment business
• Our recognised bancassurance operation, and
• The direct to consumer protection business Sun Life Direct (SLD).

These businesses represented the bulk of all new business premiums (2009 UK), 72% of 2009 UK profit which had a margin above 12%.   As we face the challenges of the market, we recognise that to be successful we must have a clear and focused strategy and a strong belief in where our future lies. In reviewing our business we have concluded that this is in Wealth Management, and this move will provide the high degree of focus to accelerate growth in our Wealth strategy.

AXA Wealth is now entering a very exciting phase in its transformation into an open, transparent, RDR-ready new model financial services company. We have already secured top three positions in most of our target segments.

We are committed to working closely with you to fulfill our goal of being the preferred partner for fund houses operating in the Wealth Management space. AXA Group has confirmed it remains fully committed to AXA’s UK Wealth Management operations.

AXA UK CEO Nicolas Moreau said:
'This will be a significant step in AXA’s overall growth strategy that builds on the market leading position that we have developed in our wealth management business - as well as delivering on an earnings enhancing divestment of part of our life insurance business.  The UK life industry is changing fast. Regulatory and market changes will reshape the structure of the UK life industry which is why we are taking steps actively to refocus and shape our own future.'

It is important that, as far as we are able, you hear about these discussions directly from AXA rather than through external media. We are fully committed to communicating more information as soon as we are able to do so.

David Thompson, Managing Director Wealth, Investments and Distribution, AXA Wealth.

 
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This information and all content on the Expert website is directed at professional financial advisers only and should not be distributed to, or relied upon, by retail customers or anyone else who is not a professional financial adviser. Whilst every effort has been made to ensure the accuracy and completeness of the information, no representation or warranty, express or implied, is given in respect of the accuracy or completeness of the information. Any opinions expressed here or elsewhere on the Expert website are those of the individuals in question and are not necessarily those of any company in the AXA Group. The information is based on AXA's understanding at the time of writing of HM Revenue & Customs' practice which may change. It does not constitute legal or tax advice and must not be treated as such. The companies in the AXA Group can take no responsibility for any loss which may occur as a result of reliance on this information.

Financial advice is only available to UK residents aged 18 years and over.

AXA is a worldwide insurance group. In the UK, one of the AXA companies is AXA Sun Life Services plc which distributes and administers financial products and services. It is registered in England No.3424940. A separate AXA company in the UK is AXA Insurance UK plc, which is a provider of general insurance products. It is registered in England No. 78950. Both these companies are limited by shares, have their registered office at 5 Old Broad Street, London EC2N 1AD and are authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register). The FSA membership numbers are for AXA Sun Life Services plc 185746 and for AXA Insurance UK plc, 202312. The address for communications is PO Box 1810, Bristol, BS99 5SN. Tel: 0117 989 9000. As part of our commitment to quality service, telephone calls may be recorded.