AXA sells off Isle of Man business

The Life Company Consolidation Group (LCCG), the specialist consolidator of life assurance business books across Europe has entered into an agreement to buy AXA’s Isle of Man offshore investment company.
AXA IOM is a leading offshore bond business with over £9bn of assets.  It is a major provider of offshore bonds into the UK from the Isle of Man and one of the largest UK providers across the Isle of Man and Dublin.  It’s reported that this sell is the first of three expected deals across various AXA assets.
AXA is also looking at buyers for its AXA Elevate platform, and Sunlife, the life insurance business, and it is believed Standard Life is in the bidding for the Elevate platform, in a deal which is rumoured to reach £250 million.
LCCG’s strategy is to maintain and grow the UK franchise and to continue the highly successful relationships with AXA Life Europe for the provision of offshore bonds in to the UK from Dublin, and with AXA in Hong Kong and Singapore for the distribution of products in Asia.
LCCG will seek to enhance and complement the new business growth of AXA IOM through acquisition led growth.