AXA to purchase remaining stake in AXA Tianping
French insurance provider AXA has announced the acquisition of the remaining 50% stake in AXA Tianping Property & Casualty Insurance, thereby becoming the first foreign insurer to wholly own and operate a top 20 property and casualty (P&C) insurance company in China
“AXA Tianping represents a unique platform for AXA to capture fully the significant growth potential of the P&C and health markets in China,” said Thomas Buberl, AXA CEO, in the company’s press statement.
“By leveraging its broad domestic presence, strong distribution capabilities, and our international brand with global Health and P&C expertise, we look forward to offering high-value products and services to our existing and potential customers in China.”
The 50% stake amounts to around 4.6bn yuan, with 1.5bn yuan to be financed through a capital reduction of AXA Tianping.
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AXA detailed AXA Tianping’s status as a leading P&C insurer, ranking 15th amongst its cohort in China with €1bn in Gross Written Premiums, and noted its significant distribution across the country with 25 branches and 93 sub-branches across 20 provinces.
Gordon Watson, CEO of AXA’s Asia operations, added:
“The transaction marks another step towards consolidating our position as the #1 foreign insurer in China and strengthening of our leadership in the Asian region.
“With full ownership and management control of AXA Tianping, we will further accelerate the deployment of our strategy to create a leading insurer that champions healthcare and mobility solutions.”