Protection pact for Friends and Axa
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Friends Provident and Axa UK Life are understood to have reached an agreement on what elements of each company’s protection business will be kept under the combined brand.
Resolution’s £2.75bn acquisition of the Axa UK Life business, under its previous acquisition Friends Provident, completed last month. The combined brand, Friends Life, is set to launch early next year.
It is thought that under the Friends Life brand, Axa’s critical-illness range and Friends’ income protection proposition will be retained, with Axa’s IP and Friends’ CI ranges dropped.
A spokeswoman for Friends says: “No decisions have been made. Both the Friends protection proposition and the Axa protection offering remain available in the market.”
Highclere Financial Services partner Alan Lakey says: “By concentrating efforts on the best offerings of the two brands, Friends Life is going to end up in a far superior position.”
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