As a consequence, AXA's UK operations were re-shaped to focus on the wealth management, general insurance and healthcare businesses.
Following the sale, the businesses of AXA Wealth and Winterthur Life were reorganised under a set legal process. This involved applying to the High Court to approve certain policy transfers under Part VII of the Financial Services and Markets Act 2000.
In October and November 2011, the High Court sanctioned the approval of certain policy transfers between AXA Wealth Limited, formerly known as Winterthur Pension Funds UK Limited (“AWL”), Winterthur Life UK Limited (“WLUK”) and Friends Life Company Limited (“FLC”), formerly known as AXA Sun Life plc. This meant that:
- On 1 October 2011 - Wealth management business in WLUK (including Winterthur Corporate Trustee Investment Plans, Retirement Wealth Account and certain Individual Personal Pension Plans, Executive Personal Pension Plans, Section 32s and Trustee Investment Plans) transferred to AWL
- On 1 October 2011 - The traditional life and pension business in AWL transferred to WLUK (mainly ex-Colonial Life business which was originally sold under the name “Rainbow”, as well as Rainbow products which are now paying out an annuity)
- On 1 November 2011 - Corporate Trustee Investment Plans (CTIP) and certain Sun Life Direct “whole of life” policies transferred from FLC to AWL.
We communicated to customers and their advisers about these changes as the process progressed during 2011.
On 30 November 2011, Winterthur Life UK Limited was sold to the Friends Life group.
In the UK, AXA is focused on three main markets; wealth management, insurance and healthcare.