Axa sells former GRE's Irish life business to Royal Liver for pounds 55m
Thursday 04 November 1999
The sale follows the pounds 750m sale of GRE's UK life business to Aegon, the Dutch insurance group, earlier this year. The decision to offload the business will come as little surprise to the City.
Axa announced a strategic review of both the UK and Irish Life businesses when the group took over GRE for pounds 3.4bn in May. Both are sub-scale in their markets and would have required substantial investment to build them up to the point where they would have been viable competitors in those markets.
However, the fact that the purchaser is Royal Liver, a mutually owned business with no track record of acquisitions, will raise some eyebrows in the Square Mile.
The GRE deal catapulted Axa from 10th place to third place in the British insurance industry.
Axa has moved swiftly to integrate GRE's general insurance business with its existing operations. The group has announced plans to cut 2000 jobs and achieve pounds 65m of annual savings.
Axa has now largely paid off the cost of the GRE acquisition, although Mark Wood, the Axa Sun Life chief executive, has said that his priority is to bed down the newly acquired business.
- 1 Fifty Shades of Grey trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...