French insurer Axa has entered talks over the sale of its variable annuity products platform to UK-based private equity firm Cinven.
Axa would raise 1.2 billion euros ($1.4 billion) in total from the deal.
The company said the transaction would include a 925 million euro ($1.07 billion) cash payment from Cinven for Axa Life Europe, the platform which designs and distributes variable annuity products in Europe.
The deal would also incorporate a capital distribution from Cinven to Axa of $278.7 million from in June 2018.