Insurance firm AXA to list shares in the US

French insurance giant AXA announced on Wednesday that it is planning to list shares on the US stock market.

The firm plans to rearrange its US life insurance operations during the first half of 2018 in order to free up capital.

"We are convinced our U.S. operations would be better positioned as a listed company in the US, operating on a level-playing field under local regulatory rules," said AXA CEO Thomas Buberl on Wednesday.

The shares referred to by the Paris-based company will amount to a minority stake in its US operations, including its stake in asset manager AllianceBernstein.

Buberl added that major acquisitions would not be considered as AXA heads towards the flotation of its stock, but would attempt to improve profitability through higher prices and cost-cutting programmes.

AXA said the move would bring it "significant additional financial flexibility", whilst it would also reduce financial risk.

AXA shares opened 2% higher on Wednesday before reduced gains of 0.65% as of 09:48 BST.