AXA's chief executive Thomas Buberl has said he plans to overhaul the group's US operations.
He has proposed floating AXA's American life insurance and asset management businesses in the first half of 2018 in order to free up capital.
The listing of a minority stake in AXA's US operations follows similar plans by rivals, such as Metlife, which aims to spin off its life insurance business.
The move could allay some investors' concerns about whether it is necessary for AXA to retain two separate asset managers - AXA IM which is focused on Europe and AXA AB, which operates in the US.
"We are convinced our US operations would be better positioned as a listed company in the US, operating on a level-playing field under local regulatory rules," said Buberl, who took over as CEO of Europe's second largest asset manager last year.
He has ruled out major acquisitions and pledged to improve profitability through higher prices and cost-cutting.
The proceeds of the IPO would be reinvested in its main business lines such as health, savings products that do not tie up too much capital, property and casualty insurance for businesses.
Some of the cash could be returned to shareholders, AXA said.
AXA said the move would bring it "significant additional financial flexibility", while it would reduce its exposure to financial risks and strengthen its economic capital position.
AXA faces uncertainty over US regulation as well as taxation, after President Donald Trump ordered a review of the Department of Labor's new rule that permits consumers to sue advisers if they do not think they have met their fiduciary obligations.
The life insurance industry has not been supportive of the rule, citing potentially lower sales and high costs of compliance that could drive smaller players out of business.
The insurer also said that ahead of the IPO it planned to convert about €1 billion of outstanding debt owned by AXA U.S. to boost the capitalisation of the business.
AXA also reported that first quarter revenue dipped 0.1% from last year to €31.6 billion, with a stronger performance at its property and casualty premiums arm slightly offsetting weaker life insurance results.
