AXA to acquire Charter Ping An as Ty family consolidates insurance business
AXA, a global leader in insurance, is entering the general insurance business in the Philippines with the planned 2.3 billion acquisition of Charter Ping An Insurance Corporation (Charter Ping An), the non-life insurance company of GT Capital Holdings, Inc. (GT Capital).
Philippine AXA Life Insurance Corporation (AXA Philippines) is a joint venture between GT Capital, the global AXA Group, and Metropolitan Bank & Trust Co. (Metrobank) subsidiary First Metro Investment Corporation (FMIC).
The move to sell 100 percent of Charter Ping An to AXA is a strategic move for the GT Capital and Metrobank Groups, which combined own 53.5 percent of AXA Philippines. Metrobank, through FMIC, owns 28.2 percent, while GT Capital holds 25.3 percent.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place in the first quarter of 2016.
GT Capital said in a disclosure to the Philippine Stock Exchange that, until then, all operations of Charter Ping An and AXA Philippines will be business as usual and shall remain separate, as they currently are.
AXA is currently the second largest life insurance company in the Philippines, based on Total Premium Income. It has been operating in the country since 1999, focused on the life insurance business and providing solutions for savings and investments, health, education, income protection, and retirement.
Charter Ping An is a leading non-life insurance company in the Philippines that provides fire, motor car, marine cargo, personal accident, bonds, casualty, and engineering insurance products.
It is currently the fourth largest non-life