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

Apr 24, 2013

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.

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