(Bloomberg) – Axa SA sold its SunLife unit in the U.K. to Phoenix Group Holdings and announced the top-management team that will work with incoming Chief Executive Officer Thomas Buberl when he takes the helm in September.
Gerald Harlin will become group chief financial officer while Paul Evans will replace Buberl as head of the life & savings business and also head the global health business, Axa said in a statement on Friday. Gaelle Olivier will lead the property & casualty business and Jacques de Peretti will head the insurer's French unit.
Switch U.K. focus
The sale of SunLife and its traditional investment and pension business will allow Axa to switch its U.K. focus to property & casualty, health and asset management. The firm reiterated on Friday that the sale, along with earlier disposals of its Elevate business to Standard Life Plc and an offshore bonds business, will result in a negative 400 million euro ($448 million) impact on net income.
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