View more on these topics

Axa &#39in talks to buy Swiss Life&#39s individual book&#39

Axa is believed to be in talks to acquire Swiss Life&#39s individual protection book with a view to reopening it and selling new products to an established market.

As revealed in Money Marketing three weeks ago, Axa is developing products to enter the protection market although it refuses to give details.

A senior industry source says it is now talking to Swiss Life about a possible deal.

It is thought Axa is seeking an established customer base to tap into rather than spending the large amount of capital required to develop its own.

Swiss Life announced it was closing its individual book to new business in July. Last week, it sold its group business to rival provider Unum Provident, effectively withdrawing from the UK market.

The source says: “Axa has made no secret of the fact that it needs to launch a protection range quickly. If a suitable acquisition were to come along, it would seem to make sense for it to pursue that course.”

Insurance Portfolio Consultancy director Brian Lentz says: “I would be glad to see Axa come into the protection market and it would obviously be in the interests of Swiss Life policyholders if a buyer was found.”

Axa spokesman Steve Muir says: “We do not comment on market speculation.”

Recommended

July sees increase in mortgage lending

BBA figures show that gross mortgage lending increased to £16.9 billion in July, up 13 per cent from June and 16 per cent from July last year. The BBA says that there were 281,500 mortgage loans approved in July, 10 per cent more than in June and 19 per cent more than in July last […]

UK workers miss out on over £745m in stakeholder pension contributions

One and a half million UK workers have missed out on over £745m in stakeholder pension contributions since October 2001, according to HSBC. The bank says the missing millions are the result of a lack of significant incentives to encourage employer contributions, along with red tape facing employers who wish to run staff pension schemes.Head […]

A consumer&#39s view

The whole point of mutuality is that the members are supposed to have a say and take part in major decision-making within the comp-any. Sadly, far too few members of mutuals, whether it is an insurance company or building society, take an interest in the affairs of the business, unless they can see some sort […]

Phone of contention

What do you think of FSA plans to force mortgage brokers to conduct a fact-find before offering rate quotes over the phone? Clifford: It is highly questionable and a piece of bureaucracy which threatens to add cost, disjoint the advisory process and is unlikely to add any significant consumer benefit. Thoroughly assessing clients&#39 needs and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com