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April 10 (Bloomberg) — Axa SA is exploring the sale of a U.S. subsidiary that shoulders risks tied to variable annuities, as Europe’s second-largest insurer narrows its focus in North America, according to people familiar with the matter.

The insurer is working with Morgan Stanley to evaluate options for Jersey City, New Jersey-based Axa Corporate Solutions Life Reinsurance Co., which could fetch $200 million to $300 million in a sale, said the people, who asked not to be identified because the matter isn’t public.

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