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.
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