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May 2016 Axa Philippines, subsidiary company of the group Axa, has acquired the local insurer Charter Ping An, an insurance specialized in non-life risks for the amount of 40 million EUR (44 million USD). This move will enable the French group to extend the range of its products in the country to include all classes of business.
Axa Philippines is controlled up to 45% by Axa. The remaining 55% are largely detained by banks GT Capital at 28% and Metrobank at 25%. Those financial institutions are distributing the products of Axa Philippines which is claiming the second standing in terms of market shares for the life, saving and pension classes of business.