Axa Wealth says it sold its life and pensions business to Resolution because the traditional life model was "broken" and the company needed to evolve its business proposition.
Speaking at a briefing in London today, CEO Mike Kellard said the main driver behind the £2.75m deal with Resolution was an effort to move away from the redundant traditional life model and develop a capital-light company focussed on investment. "It didn't make any sense for us to stay in the old model," he says. "To use a phrase from UK television programme Dragon's Den, we said "We are out". He revealed the proposed deal with Resolution was first mooted two or three years ago when Axa bought the global Winterthur group. Conceding the deal was "partly" driven by the £2.75m on offer, ...
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