AXA Confirms Denplan Sale For £115 Million
AXA has confirmed that it has sold its dental insurance department for a sum of £115 million.
AXA issued a statement today confirming the sale of Denplan to the Simplyhealth group in a debt-free cash-free deal worth £115 million. AXA will receive £151 million in total, with additional funds, including a £30 million dividend a capital release fee of £6 million, to be added to the sale price.
AXA bought Denplan as part of a deal with Guardian Royal Exchange in 1999; the company decided to sell Denplan because it is planning to focus on four key areas in the UK, including wealth management, personal and commercial insurance and healthcare.
In line with the increased impetus on healthcare services, the firm has announced plans to acquire Health-on-Line in the New Year.
Paul Evans, group chief executive of AXA in the UK and Ireland, said that the sale of Denplan allows the company to focus on other areas, primarily private healthcare insurance; he added that the success of AXA PPP will be boosted by the addition of Health-on-Line next year.
Join this Discussion