French insurer AXA SA said Wednesday it plans to list a minority stake in its U.S. unit in the first half of next year.
AXA serves more than 2.5 million customers in the U.S. and owns a 64% stake in New York money manager AllianceBernstein Holding.
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The proceeds of the transaction will be reinvested in the group's priority lines of business including health, and property and casualty commercial lines, or returned to shareholders depending on acquisition opportunities and market conditions, AXA said.
AXA said it would convert about $1 billion of outstanding debt owed by AXA U.S. into equity ahead of the IPO.
Write to Noemie Bisserbe at Noemie.Bisserbe@wsj.com
(END) Dow Jones Newswires
May 10, 2017 02:04 ET (06:04 GMT)