AXA has completed the sale of its UK offshore investment bonds business based in the Isle of Man to Life Company Consolidation Group

AXA announced today that it had completed the sale of its offshore investment bonds business based in the Isle of Man (AXA Isle of Man) to Life Company Consolidation Group (LCCG).

AXA also announced that it had signed an agreement with LCCG for the disposal of AXA Life Europe Limited’s Offshore Investment Bonds business (Euro 2.2 million revenues in 2015), which was distributed and administrated by AXA Isle of Man. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in early 2017. The parties agreed not to disclose the terms and conditions of the transaction.