French insurer AXA said Wednesday it plans to list part of its US operations in New York next year, reinvesting or potentially returning the funds to shareholders. AXA called the listing of a minority stake in its US operations, subject to market conditions, a "strategic decision to create significant additional financial flexibility".

It said its US activities, which include life insurance and annuity operations plus a 64-percent stake in AllianceBernstein (AB), a leading asset management firm with nearly $500 billion (460 billion euros) of funds under management, would benefit from additional flexibility, visibility and stronger growth prospects as a listed company. It said to strengthen the capital of its US operations before the IPO about $1.0 billion of debt that AXA US owes to the parent company will be converted into equity.

The funds raised by the IPO may by "reinvested in our target segments notably by acquisitions and/or potentially returned to shareholders depending on opportunities and market conditions," AXA's chief financial officer said Gerald Harlin in a conference call. Under its strategic plan adopted last year, AXA is targeting growth in the corporate insurance, life, and health insurance segments, plus expanding in Asia.

Copyright Agence France-Presse, 2017