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AXA to sell Bluefin to Marsh for 295 mln pounds

Reuters - UK Focus

PARIS, Nov 14 (Reuters) - AXA (Paris: FR0000120628 - news) , France's biggest insurer, has entered into an agreement to sell its insurance broking arm Bluefin to U.S. insurer Marsh for 295 million pounds ($368.81 million).

AXA added in a statement on Monday that the sale would generate a negative, exceptional impact on its profit and loss account of 66 million euros.

AXA has been steadily dismantling parts of its UK business, most recently offloading units to Phoenix Group and Standard Life (LSE: SL.L - news) .

AXA shares were up 1.5 percent in early session trading.

($1 = 0.7999 pound) (Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain)