Axa has spelt out a strategy for
its remaining operations in the UK, Axa Wealth, Axa Bancassurance
and Sun Life Direct.
This follows the sale of its
traditional life and pensions, independent financial advisor,
corporate pension businesses and annuity businesses to insurance
entrepreneur Clive Cowdery’s Resolution Group some four months ago
for £2.75bn ($4.3bn).
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Explaining the strategy Axa Wealth
CEO Mike Kellard said: “Axa Wealth’s main focus is on the needs of
high net worth and mass affluent consumers, a group that owns 80
per cent of the nation’s wealth.
“In the wider company, our sister
businesses, Axa Bancassurance and Sun Life Direct, support the
financial needs of the mass market.”
Meanwhile Resolution Group has
announced the completion the acquisition of the Axa UK life
businesses which are to be combined with those of its subsidiary
Friends Provident as units of a new company Friends Provident
Holdings (UK) Limited (FPH). Total staff complement of FPH is
almost 6,000 of which about 2,200 are former Axa UK employees.
Under the new structure Friends
Provident CEO Trevor Matthews continues in that role and is joined
on the FPH board by new executive directors, David Hynam and Andy
Parsons, both formerly of Axa. Hynam has been appointed executive
director- operations.
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By GlobalDataThe role of chief financial officer
(CFO) has been split with Parsons executive director- finance and
Evelyn Bourke, formerly Friends Provident CFO, executive director –
strategy, capital and risk.
Matthews said: “Our combined
organisation has a real opportunity to shape the future direction
of the life and pensions industry in the UK.”
Friends Provident is to be
re-branded as Friends Life in early 2011.
In 2009 Friends Provident reported annualised premium income
(APE) of £873m while the units of Axa UK acquired recorded APE of
£496m.
