Axa will sell off its offshore investment bonds business based in the Isle of Man, the firm announced this morning.

The company said today that it had entered into an agreement with Life Company Consolidation Group.

The news comes amid frenzied speculation that Axa is looking to also sell platform Axa Elevate.

Widespread media reports suggested Standard Life had made a bid for Elevate platform, with a deal worth £250 million touted.

However, both Axa and Standard Life have remained tight lipped on the story, saying they do not comment on market speculation.

The Life Company Consolidation Group’s principal life assurance company is Harcourt Life Assurance Company Limited, based in Dublin, Ireland.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in the second semester 2016.