PARIS (Reuters) - French insurer AXA (AXAF.PA) said it had received $3.2 billion following the completion of internal, restructuring deals - such as the repayment of loans - ahead of the planned initial public offering (IPO) of its U.S. unit.
AXA, which is Europe’s second-biggest insurer by market capitalization behind Allianz (ALVG.DE), added that the $3.2 billion would help finance its acquisition of insurer XL Group (XL.N), announced earlier this month.
“AXA announced today that AXA Equitable Holdings, Inc. has successfully completed its pre-IPO reorganization transactions, including the repayment of all internal loans provided by AXA Group and the purchase of Alliance Bernstein units previously owned by AXA S.A. and its affiliates,” AXA said in a statement.
The French company has said it is planning an IPO of its U.S. division during the second quarter of this year.
Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas