Axa sells off its Denplan branch

AXA UK has agreed to sell dental insurance business Denplan to Simplyhealth for £115m.

The deal is cash free and debt free and comes with certain add-ons. Denplan, which has 1.8m patients, is set to report pre-tax profits of £14.1m on revenue of £55.5m this year.

Health cash plan provider Simplyhealth was seen as the front-runner for Denplan.

Steve Gates, managing director of Denplan, said: “We will benefit from the fact that Simplyhealth is solely focused on health.” PwC and BNP Paribas advised on the deal.