CS Axa

By Inti Landauro

PARIS-- French insurer AXA SA (CS.FR) said Friday it has started talks to sell its mandatory pension business in Hong Kong to U.S.-based Principal Financial Group for about 270 million euros ($335 million).

AXA seeks to sell two pension businesses it owns in Hong Kong as part of its strategy to sell non-strategic units and focus on protection, health and long-term savings, the French company said in a statement.

The company expects to close the transaction in the third quarter of next year after securing approval from regulatory agencies.

-Write to Inti Landauro at inti.landauro@wsj.com

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