By Noemie Bisserbe

PARIS--French insurer AXA SA said Wednesday it had agreed to sell its adviser platform business in the U.K. to Standard Life PLC (SL.LN) for an undisclosed amount.

"Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in the second semester 2016," the company said.

The Paris-based insurer said it was also in talks with an unidentified potential buyer for the rest of its life and savings business in the U.K., including its direct protection business and its traditional investment and pension business.

AXA said it expects to sell its UK Life & Savings businesses for a total price of 650 million pounds ($952 million).

Standard Life said Wednesday it is building its position in the pensions and savings market with the acquisition of AXA Portfolio Services Ltd., trading as Elevate, from AXA U.K. PLC.

The U.K. financial services company said the deal "creates one of the U.K.'s largest adviser platform businesses," adding more than 160,000 customers and increasing assets under administration by GBP9.8 billion to GBP36.4 billion.

AXA, like its peers in Europe, has grappled with the eurozone's uncertain investment market and low interest rates, which have hurt its asset management and savings products. To revive growth, the French insurer has been investing in fast-growing businesses and emerging markets, and pulling out of parts of Europe plagued by sluggish growth.

Rory Gallivan contributed to this article.

Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

(END) Dow Jones Newswires

May 04, 2016 03:00 ET (07:00 GMT)