Axa, the French insurance firm, is to cancel the initial public offering of its residential arm, Dolmea, after postponing the €740m ($994m) float last June. The firm says the move was partly due to doubt over new governmental property laws.

Dolmea was scheduled to list on Euronext nearly a year ago but now Europe's second largest insurer has said it will integrate the property firm into Axa's asset management branch rather than listing it.