AXA's Sale of 15.6% stake in Taikang Life. Main regulatory hurdle cleared

China Insurance Regulatory Commission ("CIRC") has issued its approval in connection with the proposed transfer by AXA's wholly-owned Swiss subsidiary, AXA Life ltd., of its entire 15.6% interest in Taikang Life, China's fourth largest life insurer, to a consortium of new and existing shareholders. The consideration for this transaction amounts to USD 1.2 billion (or ca. Euro 0.9 billion). This corresponds to implied 2009 multiples of 21 times net earnings and six times book value .