AXA SA (AXAF.PA)
Latest Key Developments (Source: Significant Developments)
Axa SA:CEO Harlin said the group is confident it will achieve its FY2015 targets in its strategic plan and had completed 1.8 billion euros of the 1.9 billion in cost savings planned for this year. Full Article
Genworth Financial Inc enters into exclusive negotiations with AXA SA to sell Lifestyle Protection Insurance business
Genworth Financial Inc:Says that it has entered into exclusive negotiations with AXA SA after receiving an irrevocable offer to purchase its lifestyle protection insurance business.Expects to accept offer and execute an associated purchase agreement upon completion of French works council consultation process.Says sale price is expected to be about $510 million and the company will record an after-tax loss of about $310 million in the second quarter of 2015 related to expected sale and pension settlement costs.Says net proceeds from transaction, net of pension settlement costs and transaction related expenses, are estimated to be about $400 million.Says Genworth plans to use these proceeds to advance compliance with Private Mortgage Insurer Eligibility Requirements and to reduce debt levels.Says sale is expected to close by end of 2015 and is subject to other customary conditions, including requisite regulatory approvals.Barclays and Sidley Austin LLP are advising Genworth on this transaction. Full Article
Axa SA:Announces a partnership with the Commercial International Bank (CIB) in Egypt.Says entered into a 10-year Life & Savings exclusive bancassurance agreement with CIB.As part of the partnership, AXA is to acquire 100 pct of Commercial International Life (CIL), the Life & Savings joint-venture between CIB (45 pct) and Legal & General (55 pct) in Egypt.Says the acquisition of CIL is for a consideration of approximately 88 million euros. Full Article
Axa SA:Says AXA Global Life announces successful placement of 285 million euros of bonds to protect the group against extreme events in life.Two different classes of notes are placed with scheduled maturity in January 2020.Class A notes are placed for amount of 135 million euros and class B notes are placed for amount of 150 million euros. Full Article
March 23 AXA Investment Managers, part of AXA SA , named Andrew Douglas as an associate director to its UK institutional sales team.