AXA has completed the acquisition of the remaining 50% stake in AXA Tianping
AXA announced today that it has completed the acquisition of the remaining 50% stake* in AXA Tianping Property & Casualty Insurance Company Ltd (“AXA Tianping”) from its domestic shareholders*, becoming the largest 100% foreign-owned P&C insurer in the Chinese market.
Total cash consideration for the acquisition of the 50% stake amounted to RMB 4.6 billion* (or Euro 590 million*).
The completion of the transaction follows the fulfilment of customary closing conditions, including the receipt of regulatory approvals.
AXA Tianping will be fully consolidated in AXA Group’s financial statements from the date of closing of this transaction.