AXA announced today that AXA Philippines had completed the acquisition of 100% of Charter Ping An Insurance Co. (“CPA”), the #5 non-life insurer in the Philippines (1) for a total amount of Euro 40 million (2). This acquisition allows AXA to offer Property & Casualty insurance products alongside its current range of Life & Savings products. AXA also extends its successful bancassurance partnership with GT Capital and Metrobank, the #2 bank in the country (3), to include the distribution of Property & Casualty insurance products.
(1) Source: Philippines Insurance Commission
(2) EUR 1 = 52.2981 PHP as of March 31st, 2016
(3) Source: Central Bank of Philippines