Life Insurer AXA Sold to Resolution Ltd.

One of the leading life insurers in Great Britain, AXA, has been bought up by Resolution Ltd, life insurance consolidator. The company paid 2.75 billion pounds for the French-based life insurer.

Commenting on the sale of AXA UK to Resolution Ltd., Mr. Denis Duverne, AXA SA deputy chief executive said that the move has been aimed at optimising capital allocation within the firm as well as at further developing life insurance and savings segments of the British market.

Let us remind that earlier last year, Resolution Ltd. purchased another insurance provider - Friends Provident. Now it plans to implement a new organisational structure to improve business' top management.

As such, David Hynam and Andy Parsons, both of which worked for AXA, have been appointed as executive director of operations and finance director at Friends Provident accordingly. Friends Provident chief executive officer, Mr. Trevor Matthews, kept his position.

Both, AXA and Resolution did not immediately comment on the transaction.