AXA Group To Sell Stake In PanEuroLife To Nationwide

After reorganizing its insurance and asset management operations in the Benelux, AXA Group says it will sell its 90 percent stake in its Luxembourg-based life insurance unit PanEuroLife to Nationwide Global Holdings Inc., a subsidiary of Nationwide Insurance Company, based in Columbus, OH.

The AXA companies involved in the transaction are: AXA (10 percent); UAP Vie (20 percent); AXA Sun Life (20 percent); AXA Colonia (20 percent); and Royale Belge (20 percent).

"This agreement will provide Nationwide with a strong European operating hub, a key element as we continue to pursue business opportunities in this market," said David M. Martin, who was recently appointed president of Nationwide Global Holdings, Inc.

PanEuroLife, a provider of individual fixed and variable long-term savings products, has total premiums of approximately $500 million and 72 employees in Belgium, France, the UK and Luxembourg. The company will retain its name and will operate as a freestanding flagship company for Nationwide Global Holdings in Europe.

The transaction is expected to be completed early 1999 subject to approval by government authorities in Luxembourg, as well as other regulatory bodies.