PARIS (Reuters) - French insurer AXA (PA:AXAF) said it is in exclusive talks to buy Genworth Lifestyle Protection Insurance (LPI) for 475 million euros (333 million pounds) in cash to create the third-biggest player in the European creditor insurance market.
Genworth Financial (N:GNW) said in a statement that it expected to accept the offer for the unit and that it would record an after-tax loss of about $310 million in the second quarter related to the sale and pension settlement costs.
In 2014, Genworth LPI had revenue of $951 million, while net operating income was $8 million, AXA said.