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Stock Market & Financial Investment News

News Breaks
April 3, 2013
06:22 EDTAXAHY, HBCHSBC to sell group term life and group medical insurance units in Singapore
HSBC Insurance (Singapore) Pte. Limited, an indirect wholly-owned subsidiary of HSBC Holdings (HBC), has entered into an agreement to sell its group term life insurance and group medical insurance portfolios in Singapore to AXA Life Insurance Singapore Private Limited (AXAHY). The gross asset value of these portfolios was approximately S$23.5M at December 31, 2012. The transaction is subject to regulatory approval and is expected to complete within this year.
News For HBC;AXAHY From The Last 14 Days
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July 23, 2015
07:03 EDTAXAHYAllegion agrees to acquire AXA Stenman
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July 22, 2015
05:21 EDTAXAHYGenworth enters into talks with AXA to sell lifestyle protection business
Genworth Financial (GNW) announces it has entered into exclusive negotiations with AXA S.A. (AXAHY) after receiving an irrevocable offer to purchase its lifestyle protection insurance business. The company expects to accept the offer and execute an associated purchase agreement upon completion of the French works council consultation process. The sale price is expected to be approximately $510M and the company will record an after-tax loss of approximately $310M in Q2 related to the expected sale and pension settlement costs. Net proceeds from the transaction, net of pension settlement costs and transaction related expenses, are estimated to be approximately $400M. Genworth plans to use these proceeds to advance compliance with the Private Mortgage Insurer Eligibility Requirements and to reduce debt levels. The sale is expected to close by the end of 2015 and is subject to other customary conditions, including requisite regulatory approvals.

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