PHILIPPINE AXA Life, the country’s second largest life insurer, on Tuesday said it has completed the acquisition of non-life insurance firm Charter Ping An Insurance Corp. (Charter Ping An).
AXA first announced its intention to purchase the non-life insurance company from GT Capital Holdings Inc. (GT Capital) last November.
AXA Philippines is a joint venture among GT Capital, the AXA Group, and First Metro Investment Corp. (FMIC), a subsidiary of Metropolitan Bank & Trust Co. (Metrobank).
“The purchase of Charter Ping An allows us to complete our proposition to offer a full spectrum of financial protection to all our customers,” Rahul Hora, president and chief executive officer of AXA Philippines said in a statement.
He said that after the completion of the acquisition, the insurer will now focus on finding opportunities to synergize the operations in both life and non-life insurance.
“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.
Christoph Alsleben, regional head of strategy and financial planning for AXA Asia in Hong Kong, is responsible for the integration of the life and non-life insurance firms.
The insurer said Alsleben has more than 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.
At present, AXA is the second largest life insurance company in the Philippines based on premium payments.
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, on the other hand, 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.
“We look forward to combining our local know-how with the global expertise of AXA in the non-life insurance business. We see a lot of opportunities for growth in our industry, and with our combined effort, we are confident about a very successful future,” Mel Mallillin, president of Charter Ping An said.