AXA PH seals Charter Ping An takeover

PHILIPPINE AXA Life Insurance Corp. (AXA Philippines), the life insurance arm of the Metrobank group, has completed its 100 percent acquisition of the group’s non-life insurance business Charter Ping An Insurance Corp.

AXA – a joint venture between conglomerate GT Capital/First Metro group and France-based AXA Group – first announced its intention to purchase the non-life insurance company from GT Capital last November.

“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 CEO of AXA Philippines said in a press statement on Tuesday.

“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.”