Global insurance giant Axa SA has finalised a deal to sell part of its UK life insurance division to investor Resolution for £2.75 billion ($4.75 billion).

Resolution will pay £2.25 billion ($3.9 billion) in cash and £500 million ($860 million) in senior deferred consideration notes, which bear an effective interest rate of 65% a year and are repayable in instalments over an eight-year period.

The transaction includes Axa’s traditional life and pensions businesses, its intermediary protection and corporate pension businesses and its annuity businesses. Axa will retain its wealth management, healthcare and investment management businesses.

The move is in line with the company’s intention to focus on growing its wealth management business in the UK life and savings market, as well as its focus on the high-growth markets of Asia.

“We will focus on our UK wealth management business where we are among the leaders and plan to continue to grow fast,” Axa Group Chairman and CEO Henri de Castries said.