Resolution agrees £2.75bn deal for Axa unit

AXA has agreed to sell part of its UK life-insurance unit to Resolution for £2.75bn.

Resolution, run by Clive Cowdery, aims to merge the AXA divisions with Friends Provident, the life insurance business bought last year for £1.86bn.

The investment vehicle said its leading shareholders had agreed to sub-underwrite 52 percent of the cash call, with Barclays Capital and RBC Capital Markets acting as main underwriters.

The Axa deal is set for completion in September.

Resolution chairman Mike Biggs said: "We are delighted that Shareholders continue to support our UK Life Project. We are confident that it will deliver significant value to investors."