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.
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