AXA Talks More About US Life Spinoff

AXA, a Paris-based financial services company, intends to raise another $7.3 billion through an IPO of stock in AXA Equitable Holdings Inc. This follows the company’s decision to acquire XL Group Ltd., a property-casualty reinsurer, for the equivalent of about $15.3 billion in cash.

Executives at AXA, the corporate parent of AXA Equitable, today said that they hope to spin AXA Equitable off as a separate company by June 30, if market conditions make that possible.

Thomas Buberl, AXA’s chief executive officer, said in a statement that AXA is making the XL deal, and organizing the AXA Equitable IPO, because AXA wants to move from being predominantly a life and savings company to being predominantly a property-casualty insurer.

Think Advisor

Continue Reading on

Leave a Reply