Phoenix Group Holdings’ subsidiary Pearl Life Holdings has agreed to buy Axa’s UK investment, pensions and protection businesses, Axa Wealth and SunLife, in a cash deal worth £375m.

The acquisition will add £12.3bn of assets and 910,000 policies to Phoenix’s portfolio. Phoenix said that the transaction will offer cost savings of £10m per year.

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AXA UK & Ireland CEO Paul Evans said: "I’m pleased to confirm the sale of the remaining part of our UK Life and Savings businesses to Phoenix Group Holdings. I would like to warmly thank the UK life & savings teams in AXA Wealth and SunLife who have accomplished so much over recent years. They can be very proud of what they have achieved, and I wish them all the very best for the future."

Phoenix Group CEO Clive Bannister added: "The transaction meets our acquisition criteria and will generate additional cash for the group which supports the proposed increase in Phoenix’s dividend. The group has extensive integration experience and expertise and we believe that both the Embassy and SunLife businesses are a strong fit, benefitting both shareholders and policyholders alike."

The deal is subject to regulatory approvals.

Earlier this month, the French insurer agreed to sell its wealth management platform in the UK- AXA Elevate- to Standard Life Savings. In April, the insurer also agreed to offload its Isle of Man-based offshore investment firm to the Life Company Consolidation Group.