PARIS Dec 7 French insurer AXA is
seeking buyers for some U.S. life insurance assets that could be
worth some $500 million, Bloomberg News reported, citing three
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.