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		</div><p>Axa has struck an agreement to sell its UK investment, pensions and direct protection businesses to US firm Phoenix Group.</p>
<p>The £375m deal, which will see Phoenix take control of the Sun Life and Embassy brands, is part of the French insurer&#8217;s programme to divest from the UK and Europe in favour of higher growth markets.</p>
<p>Phoenix Group&#8217;s chief executive Clive Bannister said the acquisition represents &#8220;another important step forward&#8221; in the firm&#8217;s growth strategy.</p>
<p>He added: &#8220;We will invest heavily to ensure a smooth transition of the two businesses from Axa to Phoenix and we are committed to delivering the highest level of service.</p>
<p>&#8220;Looking ahead, we believe there will be further consolidation in the UK life industry and we will continue to explore further opportunities as they arise.&#8221;</p>
<p>In April, Axa also sold advisory business Elevate to Standard Life. Together, the deals have raised £632m for the firm.</p>
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