AXA has announced today an agreement to sell Bluefin's employee benefits consulting business, Bluefin Corporate Consulting ("BCC"), to Capita plc for a cash consideration of £50 million on a "cash-free, debt-free basis."

The transaction is subject to regulatory approval and is expected to be completed in the second quarter of 2012, according to AXA.
AXA will retain the Bluefin trading name. Bluefin's other operations, including Bluefin Insurance Group, which is core to AXA's Commercial Lines operation, and Bluefin Personal Consulting, which provides wealth management services, do not form part of this transaction.

Paul Evans, group chief executive of AXA UK and Ireland, said: "Following the sale of the AXA Life business in 2010, and in particular the corporate pensions business, the consulting services offered by BCC are no longer aligned to our long term strategy and core lines of business.

"We are pleased to have entered into an agreement with Capita which will ensure that BCC and its customers benefit from the scale and market presence offered by becoming part of Capita's enlarged employee benefits operation."

Bluefin Corporate Consulting provides employee benefits consultancy and technology solutions to medium and large corporations in the UK. Bluefin Personal Consulting provides financial planning and wealth management advice to individuals and Bluefin Insurance Services Limited provides independent insurance broking services to both corporate and individual clients. Bluefin employs approximately 1500 people in 45 locations across the UK.

AXA UK is a part of the AXA Group. The AXA Group serves 101 million clients and is ranked the largest insurer in the world by net written premium and the top insurance brand globally, according to the company. AXA employs over 13,000 staff in the UK.