AXA Philippines acquires Charter Ping An Insurance
Posted On: Nov. 9, 2015 12:00 AM CSTPhilippine AXA Life Insurance Corp. has entered the nonlife insurance business with the acquisition of the country's Charter Ping An Insurance Corp. for $49 million, reported DealStreetAsia.
The acquisition is likely to take place in the first quarter of 2016.
Charter Ping An is the nonlife insurer of GT Capital Holdings Inc.
"With the entry into nonlife insurance, we see AXA Philippines building on the top five position of Charter Ping An and definitely become a major player," said AXA Philippines CEO Rien Hermans.