The deal, including two other recently announced transactions, is worth about £615m, and will see AXA Wealth sold off to Phoenix.

AXA’s UK life and savings business includes AXA Wealth and SunLife. AXA UK says the wealth business has completed an "impressive transformation, moving from a loss-making business when it formed in 2010, to a profitable one today."

Over the last five years, AXA Wealth has increased its assets under management from £15 billion to £46 billion. SunLife operates in the over-50 protection market and saw £152 million gross written premiums in 2015.

AXA UK's investment manager Architas will be retained and "deployed" across AXA’s European life and savings businesses. AXA has now sold its non-platform pension and investment business and SunLife to Phoenix, AXA Wealth International to LCCG and Elevate to Standard Life.

Paul Evans, chief executive officer, AXA UK & Ireland, 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.”

Completion of the transaction is subject to conditions, including the receipt of regulatory approvals.