Philippine AXA Life Insurance Corp. has completed its acquisition of the group’s non-life insurance business, Charter Ping An Insurance Corp., thereby turning into a full-range insurance provider.
AXA—a joint venture between GT Capital/First Metro group and France-based AXA Group—first announced its intention to purchase the non-life insurance company from GT Capital in November last year.
“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 statement yesterday.
“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,” said 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.”
Christoph Alsleben, the regional head of strategy and financial planning for AXA Asia in Hong Kong, has been hired to lead the integration. He 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.
AXA is currently the second largest life insurance company in the Philippines, based on total premium income. Doris Dumlao-Abadilla