AXA TO COMPLETE THE TRANSACTION WITH ICBC AND TO LAUNCH NEW LIFE INSURANCE VENTURE
[ Source: AXA Group Press Release, 19 July 2012 ]
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.