AXA TO COM­PLETE THE TRANS­AC­TION WITH ICBC AND TO LAUNCH NEW LIFE IN­SURANCE VEN­TURE

[ Source: AXA Group Press Re­lease, 19 July 2012 ]

Insurance - - COMPANY CORNER -

ICBC-AXA Life, a Life In­surance joint-ven­ture be­tween ICBC, AXA and Min­metals, an­nounced its of­fi­cial launch in China. It has re­ceived ap­proval from China’s State Coun­cil and all rel­e­vant reg­u­la­tory bod­ies. ICBC-AXA Life suc­ceeds AXAMin­metals As­sur­ance (AXAMin­metals), which was es­tab­lished in 1999. Ac­cord­ing to Henri de Castries, chair­man and CEO of AXA, the es­tab­lish­ment of ICBCAXA Life marks a key mile­stone in the his­tory of AXA in Asia and a tes­ta­ment to the com­pany’s longterm com­mit­ment to the Chi­nese mar­ket. AXA will be able to tap into the broad ex­per­tise and ex­pe­ri­ence of its new part­ner ICBC. Fol­low­ing the eq­uity trans­fer agree­ment reached on 28 Oc­to­ber 2010 be­tween In­dus­trial and Com­mer­cial Bank of China Co. Ltd (ICBC), AXA and China Min­metals Cor­po­ra­tion (Min­metals), ICBC bought 60% of shares of AXA-Min­metals and be­came the ma­jor­ity share­holder of the com­pany. AXA owns 27.5% and Min­metals owns 12.5%. To be­come a lead­ing Chi­nese life in­surer, ICBC-AXA Life will lever­age ICBC’s strong cus­tomer base of 282 mil­lion in­di­vid­ual cus­tomers and 4.11 mil­lion cor­po­rate clients, com­plete ser­vice net­work and rich ex­pe­ri­ence in the Chi­nese fi­nance in­dus­try. The com­pany will con­tinue to pro­vide prod­uct devel­op­ment and risk man­age­ment sup­port based on its deep global ex­pe­ri­ence. ICBC has ap­pointed Mr Sun Chip­ing as the Chair­man of the Board of ICBC-AXA Life. AXA has ap­pointed Mr Jamie McCarry to con­tinue to serve as Pres­i­dent, in charge of the daily busi­ness op­er­a­tions of the com­pany.

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