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 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Tennis fan suing Australian Open organisers for 'failing to shade spectators' during Murray match
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Rob Lowe hits out at White House decision not to meet Israeli leader
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Winston Churchill: From accusations of anti-Semitism to the blunt refusal that led to the deaths of millions
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...