[ad_1]
The French insurance giant AXA announced Tuesday it would offer 4.6 billion yuan ($ 662 million) to acquire the remaining 50% of shares of AXA Tianping Property & Casualty Insurance Company Ltd to accelerate its development in China.
AXA said it has reached an agreement with the current Chinese shareholders of its joint venture, the largest foreign property and casualty insurer in China.
The company said that 1.5 billion yuan would be financed through a capital reduction of AXA Tianping to buy the shares of the current Chinese shareholders.
This is the first transaction in the Chinese insurance market where a first-class property and casualty insurer, with a national scope, will be fully controlled by a foreign company, said Thomas Buberl, general manager of AXA.
"AXA Tianping represents a unique platform for AXA to fully embrace the significant development potential of China's property and casualty and healthcare markets," Buberl said.
"The acquisition further reaffirms our belief that our operations in China will be a major growth driver for the group and its privileged areas," he added.
The transaction is subject to regulatory approval by the Banking and Insurance Supervisory Commission.
AXA Tianping has 25 branches and 93 branches in 20 provincial-level regions across China.
<! – enpproperty
[ad_2]
Source link
