AXA Group

AXA announced today it has reached an agreement with Kyobo Life to acquire its 75% stake in Kyobo Auto.

Kyobo Auto enjoys a leading position in the South Korean direct motor insurance market with more than 800,000 clients, revenues of KRW 346 billion (Euro 278 million) and a market share above 30%.

"The acquisition of Kyobo Auto is an excellent opportunity to enter as the leader in the South Korean direct property & casualty market, one of the fastest growing and most developed general insurance markets in Asia, and to significantly increase the size of AXA's P&C operations in the region" said Philippe Donnet, head of AXA's Asia Pacific region. "Kyobo Auto has a very strong competitive position, based on the combination of a strong focus on customer satisfaction, successful marketing and competitive offers. We are very pleased to welcome Kyobo Auto teams and we intend to leverage the efficient platform they have built to further develop AXA's P&C operations in Asia".

Following this acquisition, the AXA Group will serve over 2 million clients through its direct distribution P&C operations worldwide.

Completion of this transaction is subject to local regulatory approvals.