AXA in talks to sell Hong Kong Mandatory Provident Fund unit
AXA, France's largest insurer, is in advanced talks with bidders including Manulife Financial Corp to sell its pension fund unit in Hong Kong, said people with knowledge of the matter.
AXA, France's largest insurer, is in advanced talks with bidders including Manulife Financial Corp to sell its pension fund unit in Hong Kong, said people with knowledge of the matter.
AXA was seeking about US$400 million for the Mandatory Provident Fund business, two of the people said, asking not to be identified because the discussions are confidential.
It has also drawn suitors including Sun Life Financial, Principal Financial Group and FIL, according to the people.
The French insurer looks after the 10th-largest pool of funds in Hong Kong's compulsory retirement programme, with HK$15.4 billion of assets under management as of March, according to the Gadbury Group, a research firm that monitors the city's pension market.
AXA has disposed of €8.5 billion (HK$85 billion) of assets in developed markets since 2010. Chief executive Henri De Castries is pushing to double operating profit from faster-growing markets including the mainland by next year from 2010.
Evonne Inn, a spokeswoman for AXA, said she could not comment.