November 14, 2016 / 8:15 AM / 3 years ago

AXA to sell Bluefin to Marsh for 295 million pounds

Logo of France's biggest insurer Axa is seen in front the compagny headquarter in Paris, France, August 4, 2016. REUTERS/Jacky Naegelen/File Photo

PARIS (Reuters) - AXA (AXAF.PA), France’s biggest insurer, has entered into an agreement to sell its insurance broking arm Bluefin to U.S. insurer Marsh for 295 million pounds ($368.81 million).

AXA added in a statement on Monday that the sale would generate a negative, exceptional impact on its profit and loss account of 66 million euros.

AXA has been steadily dismantling parts of its UK business, most recently offloading units to Phoenix Group (PHNX.L) and Standard Life SL.L.

AXA shares were up 1.5 percent in early session trading.

Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain

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