AXA to buy 50% of Tian Ping, a Chinese Property & Casualty insurance company with strong Direct capabilities

AXA announced today it has entered into an agreement with Tian Ping Auto Insurance Company Limited ("Tian Ping") shareholders to acquire 50% of the company. Under the terms of the agreement and subject to regulatory approval, AXA will buy 33% of the company from Tian Ping's current shareholders for RMB 1.9 billion (or Euro 237 million) and subscribe to a dedicated capital increase for RMB 2.0 billion (or Euro 248 million) to support future growth. AXA and Tian Ping's current shareholders will jointly control Tian Ping. AXA's existing Chinese P&C operations are expected to be integrated within the new joint-venture.