French insurance giant, AXA said it has sold 8% of its controlling stake in AXA Equitable Holdings.
The move signals’ Axa’s plan to exit the US Life Insurance market.
The sale was through a secondary offering that puts its shareholding at the American insurance unit down to 40.1%.
The company said in the disclosure that it sold a total of 40 million shares at $20.85 a share for a total amount of $834 million.
The company disclosed that it plans to use the proceeds of the acquisition to raise cash for its planned acquisition of Bermuda-based XL.
AXA seeks to use up to $15 million to acquire the company. In Nigeria, AXA owns majority stakes in AXA Mansard, a composite insurer.
