M&A Deal Summary

Phoenix Group Acquires AXA Wealth - Pensions & Protection Businesses

On May 27, 2016, Phoenix Group acquired insurance company AXA Wealth - Pensions & Protection Businesses from AXA UK for 375M GBP

Acquisition Highlights
  • This is Phoenix Group’s 1st transaction in the Insurance sector.
  • This is Phoenix Group’s 3rd largest (disclosed) transaction.
  • This is Phoenix Group’s 2nd transaction in the United Kingdom.

M&A Deal Summary
Date 2016-05-27
Target AXA Wealth - Pensions & Protection Businesses
Sector Insurance
Buyer(s) Phoenix Group
Sellers(s) AXA UK
Deal Type Divestiture
Deal Value 375M GBP

Target

AXA Wealth - Pensions & Protection Businesses

United Kingdom
AXA Wealth - Pensions & Protection Businesses comprises a pensions and investments business, offering a range of propositions catering to both individual and corporate requirements ("Embassy"), and SunLife, a leader in the over 50s protection sector.

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Buyer(S) 1

Buyer

Phoenix Group

London, United Kingdom

website

Category Company
Founded 1782
Sector Insurance
Employees7,653
Revenue 21.8B GBP (2020)
DESCRIPTION

Phoenix Group consists of several life insurance funds which are closed to new business. Phoenix Group was founded in 1782 and is based in London, the United Kingdom.

DEAL STATS #
Overall 2 of 4
Sector (Insurance) 1 of 3
Type (Divestiture) 1 of 3
Country (United Kingdom) 2 of 4
Year (2016) 1 of 2
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-26 Ignis Asset Management

Edinburgh, United Kingdom

Ignis Asset Management Ltd. provides investment management services to Phoenix's Life Companies as well as to third party clients, including retail, wholesale and institutional investors in the UK and overseas.

Sell £390M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-28 Abbey Life

Bournemouth, United Kingdom

Abbey Life is a life insurance group that specialises in the management of closed life and pension funds predominantly comprising unit-linked life and pensions policies and annuities in payment. ALAC also manages two with-profit funds, other non-profit funds and a small permanent health insurance book. ALAC is authorised by the PRA and regulated by the FCA and the PRA to carry on long term insurance business in the UK. As at 31 December 2015, Abbey Life had approximately 735,000 policyholders and £10 billion of assets under management.

Buy £935M

Seller(S) 1

SELLER

AXA UK

London, United Kingdom

website

Category Company
Founded 1994
Sector Insurance
Employees10,500
DESCRIPTION

AXA UK plc are one of the biggest insurance companies in the world. Company operates through a number of business units including: AXA Wealth, AXA Insurance, AXA PPP healthcare, AXA Ireland and an independent distribution business Bluefin.

DEAL STATS #
Overall 2 of 2
Sector (Insurance) 1 of 1
Type (Divestiture) 2 of 2
Country (United Kingdom) 2 of 2
Year (2016) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-04 AXA Portfolio Services

Basingstoke, United Kingdom

The wrap platform, Elevate, supports over 1,500 financial advice and wealth management firms in managing SIPPs, ISAs and other investments. It serves over 160,000 customers, providing access to over 5,000 funds from over 130 fund managers. Elevate has £9.8bn of assets under administration and has consistently delivered gross inflows in excess of £2bn p.a. since 2010.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-15 ageas UK’s Commercial Lines Front Book Business

United Kingdom

ageas UK’s Commercial Lines Front Book Business helps in maintaining strong and productive relationships with brokers and customers, prioritizing excellent underwriting, service and value by providing ongoing support and service delivery.

Buy £48M
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