Life Insurance Quotes

SSQ Financial announces purchase of AXA Life Insurance

09/27/11

SSQ Financial, an insurance and investment company based in Quebec, recently announced its acquisition of AXA Life Insurance, a move that SSQ hopes will bolster its standing in the individual insurance market, according to Insurance Business Review. AXA is currently owned by Intact Financial Corporation.

In 2010, AXA Life - which is subdivided into two distribution units, SFAA and SecuriGroupe - employed about 250 people and reported $856 million in assets and $129 million in equity. SSQ says that the acquisition of the company should see a seamless integration and is mutually beneficial, as a larger joint entity, the companies will significantly improve their position in the Canadian life insurance and financial marketplace.

According to Reuters, Intact Financial said AXA will sell for $300 million. Intact is trying to cut their debt and repay the loan originally used to buy AXA, which it purchased in May of 2011 for $2.6 billion dollars.

The life insurance market has remained volatile in recent months, and while some surveys and data analyses have shown year-over-year gains, life insurance ownership in the United States remains at historic lows. In 2010, according to the Insurance Information Institute, about one in three Americans owned an individual life insurance policy, the lowest level in 50 years.

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