Makati— (PHStocks)—Philippine AXA Life Insurance Corp. (AXA Philippines) announced that it completed the 100% acquisition of Charter Ping An Insurance Corporation (Charter Ping An).
AXA first announced its intention to purchase the non-life insurance company from GT Capital Holdings Inc. (GT Capital, PSE: GTCAP) on November 5, 2015. AXA Philippines is a joint venture between GT Capital, the AXA Group, and First Metro Investment Corp. (FMIC), a subsidiary of Metropolitan Bank & Trust Co. (Metrobank, PSE: MBT).
“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. “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,” he added.
“We look forward to combining our local know-how with the global expertise of AXA in the non-life insurance business,” shared Mel Mallillin, President of Charter Ping An. “We see a lot of opportunities for growth in our industry, and with our combined effort, we are confident about a very successful future.”
Moreover, 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 ten years of international experience in the insurance industry, having worked at the AXA Group head office in Paris, as well as with AXA Germany.
AXA is currently the second largest life insurance company in the Philippines, based on Total Premium Income1. 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.
Charter Ping An is a leading non-life insurance company in the Philippines that provides mainly motor and property 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.