AXA Asia Pacific Holdings acquires MLC Hong Kong and MLC Indonesia

AXA Group's Asia Pacific Life insurance subsidiary announced on February 21 that it had reached an agreement with National Australia Bank to purchase 100 percent of MLC Hong Kong and MLC Indonesia for $575 million (approximately €356 million).

This acquisition, funded from internal capital resources, will increase the existing agency and adviser distribution force from around 2,400 in Hong Kong to 3,200, and from nearly 1,300 in Indonesia to 2,200. Completion of this agreement is expected in Q2 2006, subject to regulatory approvals.