On Air Now

Listen

Listen Live Now » 101.9 FM Central Wisconsin

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
45° Feels Like: 45°
Wind: W 3 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 37°

Tomorrow

Sunny 65°

Wed Night

Clear 41°

AXA seeks buyers for some U.S. life insurance assets: Bloomberg

PARIS (Reuters) - French insurer AXA is seeking buyers for some U.S. life insurance assets that could be worth some $500 million, Bloomberg News reported, citing three unnamed sources.

AXA has hired investment bank Morgan Stanley to find a buyer for the assets, which include the remants of the Mony Group Inc, a business that AXA acquired in 2004, the news service said.

An AXA spokesman declined comment.

Following the $1.5 billion takeover, Mony's network of financial advisers was folded into AXA's own and the unit has mostly stopped selling life insurance.

In November, AXA cut its profit outlook in a sign of how low interest rates have squeezed life insurers which are committed to minimum payouts to customers.

(Reporting By Christian Plumb. Editing by Jane Merriman)

Comments