December 7, 2012 / 9:50 AM / 6 years ago

AXA seeks buyers for some U.S. life insurance assets: Bloomberg

PARIS (Reuters) - French insurer AXA (AXAF.PA) is seeking buyers for some U.S. life insurance assets that could be worth some $500 million, Bloomberg News reported, citing three unnamed sources.

AXA has hired investment bank Morgan Stanley to find a buyer for the assets, which include the remants of the Mony Group Inc, a business that AXA acquired in 2004, the news service said.

An AXA spokesman declined comment.

Following the $1.5 billion takeover, Mony’s network of financial advisers was folded into AXA’s own and the unit has mostly stopped selling life insurance.

In November, AXA cut its profit outlook in a sign of how low interest rates have squeezed life insurers which are committed to minimum payouts to customers.

    Reporting By Christian Plumb. Editing by Jane Merriman

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below