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The Philippine Competition Commission has approved the merger of insurers XL Group Ltd. and AXA S.A., ABS-CBN News reports. Camelot Holdings, AXA's subsidiary is acquiring XL Group. The commission has fined the insurers for notifying authorities late about the proposed merger. PCC said it should have been notified within 30 days from the signing of the merger agreement on 5 March. However, the insurers notified on 25 June, 112 days after the deal was signed.