AXA Philippines announced it has completed the acquisition of Charter Ping An Insurance Co. for €40 million ($45.6 million) from GT Capital.
The acquisition of CPA, the fifth largest non-life insurer in the Philippines, enables AXA Philippines to offer property & casualty insurance products alongside its current range of life & savings products.
AXA said it also is extending its successful bancassurance partnership with GT Capital and Metrobank, the second largest bank in the country, to include the distribution of P&C insurance products.
When the acquisition was announced in November 2015, AXA said it hopes to benefit from the growing P&C market in the Philippines, which had low insurance penetration of only 0.45 percent of gross domestic product in 2014.
Was this article valuable?
Here are more articles you may enjoy.
Progressive Is Biggest Auto Insurer, Surpassing State Farm, Says S&P GMI 
Florida Governor Signs Bill Dropping Building Permits for Work Valued at $7,500 or Less 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
US Personal Lines Insurers Ask for Less Rate After Period of Catch-Up 
