AXA completes purchase of Charter Ping An
Philippine AXA Life Insurance Corp. has completed the acquisition of 100 percent of Charter Ping An Insurance Corp., marking its entry into the nonlife insurance business.
AXA Philippines is a joint venture between bilyonaryo George SK Ty?s GT Capital Holdings Inc. and leading global insurance firm AXA Group.
?The purchase of Charter Ping An allows us to complete our proposition to offer a full spectrum of financial protection to all our customers,? said Rahul Hora, president and CEO of AXA Philippines.
By consolidating its life and non-life insurance businesses, GT Capital further strengthens its presence in the country?s under-penetrated yet fast growing insurance industry.
Charter Ping An provides fire, motor car, marine cargo, personal accident, bonds, casualty and engineering insurance products. It is currently the fourth largest non-life insurance company in terms of net premiums written and premiums earned, and is fifth in gross premiums written.
?Customers can now be well-protected across all stages of their life journey, with AXA providing a comprehensive suite of products be it in life insurance, savings and investment, health coverage, or property and casualty insurance. We will now focus our efforts on finding opportunities to synergize the operations in both life and non-life insurance,? Hora said.
Christoph Alsleben, most recently the Regional Head of Strategy and Financial Planning for AXA Asia in Hong Kong, has been hired as Integration Lead. Christoph brings with him over 10 years of international experience in the insurance industry, having worked at the AXA Group head office in Paris, as well as with AXA Germany.
Since 1999, AXA has focused on the life insurance business and providing solutions for savings and investments, health, education, income protection, and retirement. It pioneered bancassurance operations in the Philippines, which is the distribution of insurance products through banks.