Magazine date:
Dec 2010 By partnering with Industrial and Commercial Bank of China (ICBC), the country's largest bank , AXA is gearing up. The French insurer has so far reported only a turnover of 90 million USD on the Chinese market, 11% of which in non life insurance. Axa is only the sixth insurer among the fifty foreign players. ICBC enters the joint venture initially established by AXA and China Minmetals and will hold 60% of the capital. The remaining 40% will be shared by the co-founders. An exclusive distribution agreement has been signed. It provides that Axa products will be distributed throughout the bank's 16 000 agencies.
The national insurers hold 95% of life insurance and 99% of non-life insurance.