Standard Life wants to buy Elevate, Axa’s platform for helping independent financial advisers manage clients’ investments, according to Bloomberg News.

Axa, France’s largest insurer, is in talks to sell most of its UK life insurance and wealth investment units, according to Bloomberg.

Standard Life said it doesn’t comment on “market speculation.” Axa declined to comment.

According to news reports, Axa is likely to sell parts of its businesses known collectively as Axa Wealth to separate bidders in deals that may bring in £500 million to £700 million.

The reports said Axa is also in talks with other bidders to sell SunLife, its UK business that provides life insurance and funeral cost coverage for people aged over 50 and investment fund activities in the Isle of Man.