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AXA unveiled plans to list a minority stake of its U.S. operations as it reported a year-over-year dip in first-quarter revenues.
The French insurer said it intends to list AXA America Holdings on the New York Stock Exchange in the first half of 2018, subject to market conditions. The IPO is expected to consist of the AXA US Life & Savings business and the group's interest in AllianceBernstein LP and AllianceBernstein Holding LP. AXA America Corporate Solutions Inc. is not expected to be part of the listing.
To boost capitalization of the U.S. operations ahead of the IPO, AXA said it will convert...