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French insurer Axa to buy half of Chinese Tian Ping

Agence France-PresseApril 24, 2013 03:45
French insurance group Axa said Wednesday that it would buy half of Tian Ping, a Chinese property and casualty (P&C) insurer to become the largest foreign insurance group in that segment of the Chinese market. Axa said that it would pay 485 million euros ($630 million) for the holding, which is to be acquired via a direct stake of 33 percent bought from current shareholders and through participation in a capital increase "to support future growth," pending approval by regulatory authorities.

AXA to cut 450 UK financial advisory jobs

April 16, 2013 06:00
PARIS (Reuters) - French insurer AXA <AXAF.PA> plans to cut 450 financial advisory jobs at its UK banking joint venture, saying new commission rules make it tough to turn a profit providing such advice. AXA said in a statement on its UK website that the decision to stop providing financial advice at the branches of its two UK banking partners, the Co-operative Banking Group and Clydesdale and Yorkshire Banks, came after a strategic review.

Protective Life to buy AXA US life portfolio for $1 billion

April 11, 2013 05:15
(Reuters) - Protective Life Corp <PL.N> agreed to buy a portfolio of old policies from French insurer AXA SA's <AXAF.PA> U.S. business for $1.1 billion (715.7 million pounds), with the aim of squeezing more value out of them. Birmingham, Alabama-based Protective Life said the deal with Axa's Mony Life Insurance Company should produce a steady income stream and increase earnings per share. Most of the policies are life insurance written before 2004.

Exclusive - Protective Life in lead for AXA U.S. insurance assets - sources

March 26, 2013 16:15
By Jessica Toonkel NEW YORK (Reuters) - U.S. insurer Protective Life Insurance <PL.N> is the leading candidate to buy some of AXA SA's <AXA.PA> U.S. life insurance assets in a deal that could be valued at around $1 billion (659.6 million pounds), according to two people familiar with the situation.

Exclusive - Protective in lead for AXA U.S. insurance assets - sources

March 26, 2013 15:15
NEW YORK (Reuters) - U.S. insurer Protective Life Insurance <PL.N> is the leading candidate to buy some of AXA SA's <AXA.PA> U.S. life insurance assets in a deal that could be valued at around $1 billion, according to two people familiar with the situation. French insurer AXA hired Morgan Stanley <MS.N> last year to help find a buyer for the assets, including remnants of the Mony Group Inc business that it acquired in 2004, said the people, who asked not to be named because the matter is not public.

AXA to reap 200 mln eur from private-equity sale

March 22, 2013 13:45
PARIS (Reuters) - AXA <AXAF.PA> is to reap a 200 million-euro (170 million pounds) capital gain from a management buyout of its private-equity unit, the French insurer said on Friday. In a statement confirming earlier reports, AXA said it had agreed to a deal that will leave it with a 26.9 percent stake in AXA Private Equity, while the unit's management and staff will own 40 percent.

AXA to reap 200 million euro gain from private-equity sale

March 22, 2013 13:45
By Anjuli Davies LONDON (Reuters) - Insurer AXA <AXAF.PA> is to sell part of its private equity arm in a management buyout valuing the business at 510 million euros (435.14 million pounds), cashing in on its stake in one of France's largest buyout firms. The long-flagged deal - AXA started the sales process in September 2011 - makes Europe's No. 2 insurer the latest French financial group to retreat from private equity, following banks such as Credit Agricole <CAGR.PA> and BNP Paribas <BNPP.PA>.

AXA reports firm underlying 2012 results, share falls

February 21, 2013 05:46
French insurance group AXA reported a 1.0-percent slip in net profits for 2012 on Thursday despite a sharp rise in profitability. But results for 2011 had been boosted by big exceptional capital gains, which skewed the comparison with the results for 2012. Net profit last year amounted to 4.15 billion euros ($5.5 billion), short of the figure of 4.6 billion euros broadly expected by analysts in their broker notes. Excluding the impact of capital gains in 2011 and 2012, net profit rose by 13.0 percent to 4.25 billion euros.

AXA reports strong underlying results in 2012

February 21, 2013 05:30
French insurance group AXA reported a 1.0-percent slip in net profits for 2012 on Thursday despite a sharp rise in profitability. But results for 2011 had been boosted by big exceptional capital gains, which skewed the comparison with the results for 2012. Net profit last year amounted to 4.15 billion euros ($5.5 billion), short of the figure of 4.6 billion euros broadly expected by analysts in their broker notes. Excluding the impact of capital gains in 2011 and 2012, net profit rose by 13.0 percent to 4.25 billion euros.
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