Regulator changes prompts sale of insurer’s wealth arm

Compensation and other reforms are catching the blame for Axa’s move to sell parts of its wealth management book

It looks like the multinational insurance agent, Axa, has decided to sell parts of its UK based businesses, including sections of their wealth management division. This is according to a report by the Sunday Times.
The selling of certain international branches could mean potential job losses for advisors within the £42b company.
Axa, headquartered in Paris, is said to have brought in advisors from Barclays and Fenchurch Advisory Partners to help with the sales and transition.
It is thought the changes have been spurred by the insurer’s weariness with the UK regulation environment.
This potential sale follows the company’s 2010 sales of its UK life insurance business, Axa Sun Life. It was purchased by Clive Cowdery’s Resolution, which in turn was later purchased by insurance company Aviva.

Axa reported 2015 half-year results that showed an increase in revenue by 2%.