June 7, 2019 / 7:46 AM / 11 days ago

Insurer AXA further reduces stake in AXA Equitable down to 40.1%

PARIS, June 7 (Reuters) - French insurer AXA said on Friday that it had sold an 8% stake in AXA Equitable Holdings through a secondary offering, as part of its plan to gradually divest from its U.S. life insurance business.

AXA sold 40 million shares at $20.85 a share for a total amount of $834 million, the company said. It reduced its stake in AXA Equitable to 40.1% from a previous 48.3%.

The sale of a majority stake in AXA Equitable is part of a plan by AXA to raise cash to pay for its $15 billion acquisition of Bermuda-based rival XL last year. (Reporting by Inti Landauro; Editing by Sudip Kar-Gupta)

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