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AXA in talks to buy Genworth LPI for $520 million

Published 22/07/2015, 08:15
© Reuters. France's biggest insurer Axa CEO de Castries attends the company's 2014 results presentation in Paris
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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.

© Reuters. France's biggest insurer Axa CEO de Castries attends the company's 2014 results presentation in Paris

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