Standard Life bids for Axa Elevate

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Standard Life has reportedly made a formal bid to acquire Axa’s Elevate platform.

According to Bloomberg, Standard Life is in talks for the business unit as the French insurer seeks to sell off its UK life insurance and wealth investment units.

Axa will reportedly seek to sell of chunks of the business separately, and is hoping to raise as much as £700m through the deals.

The Elevate platform was launched in 2008, and Money Marketing revealed in September last year that the business had been put up for sale.

In February, Money Marketing revealed that Royal London was preparing an offer for Axa’s UK protection business.

Royal London is understood to be among several firms interested in the protection part of the business. This includes SunLife, which sells direct-to-consumer cover to the over-50s market.

A spokeswoman for Standard Life says: “We don’t comment on market speculation.”

Axa Wealth did not respond to request for comment at the time of publication.