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Britannic / Axa white-label deal scrapped

A deal which would have seen Britannic white-label with-profits for Axa has been called off at the last minute.

The move would have seen Axa selling Britannic&#39s with-profits products branded as its own through its distribution channels.

Britannic says the deal was called off despite discussions between the two firms going as far as setting up a pilot.

Axa said in its half-year results that it would no longer be writing new with-profits bond business. It said it was simply managing the business on its book and had yet to decide whether to re-enter the market next year.

Britannic is understood to have spare capacity following lacklustre sales and the disbandment of its direct salesforce. It already white-labels with-profits for Irish companies.

Life analyst Ned Cazalet says: “After CP121, there will be much more scope for manufacturers to white label.

“Companies&#39 ability to write new with-profits business will be much reduced and we will see more of this kind of thing.”

A Britannic spokesman says: “The deal is not going ahead, by mutual agreement. A pilot was going to take place.”

An Axa spokesman would only say that there is no deal and the company is always in different discussions with different parties.

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