Axa offloads Denplan to rival firm
After a pre-disposal exceptional dividend of £30m and a capital release of £6m Axa is expected to rake in £151m from the deal.
Axa acquired Denplan as part of the Guardian Royal Exchange acquisition in 1999.
The sale of the business follows Axa’s disposal of its life and pensions business in 2010 with the company now focusing on personal and commercial insurance, wealth management and healthcare.
Axa said the strategy for its healthcare business would in future focus on private medical insurance
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