AXA has purchased all of AXA Tianping shares. The French insurer has already acquired 50% of its Chinese non life insurance joint venture since 2013. Local shareholders sold their shares for 4.6 billion CNH (663 million USD).
AXA Tianping, a major motor insurance player in China, generated 1.2 billion USD in premiums in 2017. According to Thomas Bubrel, Chief Executive Officer of AXA, this transaction gives AXA the opportunity to benefit from the strong growth potential of non life and health insurance markets in China.
Following this transaction, AXA will become the first foreign insurer to own 100% of a non life insurance company in China.
With this transaction, the French giant confirms its expansion strategy recently achieved through the acquisition of the Bermudan group XL, a major player in non life insurance and reinsurance business.
Read also: