Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,342.34
    +174.27 (+0.43%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    70,485.70
    +879.55 (+1.26%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,541.87
    +11.27 (+0.74%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

AXA gets $3.2 billion after restructuring deals ahead of U.S. arm IPO

FILE PHOTO: Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo (Reuters)

PARIS (Reuters) - French insurer AXA <AXAF.PA> said it had received $3.2 billion (2.3 billion pounds) following the completion of internal, restructuring deals - such as the repayment of loans - ahead of the planned initial public offering (IPO) of its U.S. unit.

AXA, which is Europe's second-biggest insurer by market capitalisation behind Allianz <ALVG.DE>, added that the $3.2 billion would help finance its acquisition of insurer XL Group <XL.N>, announced earlier this month.

"AXA announced today that AXA Equitable Holdings, Inc. has successfully completed its pre-IPO reorganization transactions, including the repayment of all internal loans provided by AXA Group and the purchase of Alliance Bernstein units previously owned by AXA S.A. and its affiliates," AXA said in a statement.

The French company has said it is planning an IPO of its U.S. division during the second quarter of this year.

(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)