Axa plans IPO in US, may return money to investors

Paris

AXA SA, Europe's second-largest insurer, is planning an initial public offering of its US operations to fund its expansion and potentially return money to shareholders.

Axa intends to list a minority stake in its US businesses, and expects to include its US life and savings unit and stake in money manager AllianceBernstein Holding LP in the IPO, the company said in a statement on Wednesday. The listing would take place in the first half of 2018, subject to market conditions, helping to speed up Axa's achievement of its 2020 profit goals.