- Syrian army and Iranian-backed militias push towards Idlib province
- Britain's May hails new optimism in Brexit talks after deal
- In The Last Of Us 2 "No One Is Safe," Director Says
- Street Fighter 30th Anniversary Collection Brings 12 Classic Titles To PS4, Xbox One, Switch
- Super Mario Run Dominates 2017 iOS Charts
- Netflix's Witcher Show Brings On Marvel Writer
- Uncharted Sales Reach Incredible New Heights
- Berlin police say bags of bullets found near Christmas market not link
- First Trailer For New Walking Dead Game Looks Pretty Great
- Interior secretary pushing controversial road project
- UN chief: 'America first' is 'detrimental to American interests'
- Hospital operators in merger talks to form U.S. industry leader: WSJ
- Mexican opposition leader Anaya to seek presidency in coalition
- Turkey's Erdogan calls Israel a 'child-murderer' state
- PS4 Pro and PSVR Holiday Price Cuts Available Now
- Grounded ferry in Calais refloated, passengers disembarked
- Nuclear destruction 'one impulsive tantrum away,' Nobel winners warn
- 'King of Spin' Max Clifford dies
- Roy Moore says he has never molested anyone
- How much is the GOP willing to sacrifice for a Senate seat?
AXA's U.S. insurance, asset management unit files for IPO
NEW YORK (Reuters) - The U.S. unit of the French insurer AXA has filed for an initial public offering (IPO), according to a U.S. regulatory filing on Monday.
The listed company, AXA Equitable Holdings, would have more than $600 billion of assets under management which will come from two existing American channels, AXA Equitable Life and AllianceBernstein, according to the S-1 document published on the website of the U.S. Securities and Exchange Commission.
AXA currently holds approximately 63 percent of AllianceBernstein across three entities, ownership of which will be transferred into AXA Equitable Holdings prior to the initial public offering.
No valuation for the new business, in which AXA will retain a majority position after the flotation, was given in the document, but a source familiar with the matter said it could be close to 13 billion euros ($15.16 billion).
AXA Chief Executive Thomas Buberl outlined plans in May to overhaul the group’s U.S. operations ahead of a spin-off IPO in 2018, in order to free up capital and pursue takeover targets elsewhere.
JP Morgan Chase and Morgan Stanley have been chosen to coordinate the IPO, the document said. A number of other banks will assist as bookrunners on the deal, bankers aware of the matter said.
As part of the reorganization process ahead of the IPO, AXA’s U.S. property and casualty business would be transferred to the parent firm. Reinsurance currently in place for AXA Equitable Life would also be unwound, the document added.
Total pro forma revenue of AXA Equitable Holdings in the six months to June 30 was $6.99 billion, according to the SEC filing.
A number of insurance companies have spun off their U.S. life insurance businesses, or are considering such an action, as the low interest rate environment continues to stymie growth in the sector.
In August, Metlife split off its U.S. retail business, Brighthouse Financial, and distributed shares in the company to its own shareholders. The Chief Executive of Canadian insurer Manulife Financial Corp said last week that it was considering “all options” for its John Hancock unit.
Reporting by David French; editing by Diane Craft
Our Standards:The Thomson Reuters Trust Principles.