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