Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 27th of April 2018
October 29, 2010

AXA forms Chinese alliances for life assurance expansion

by Gill Montia

Story link: AXA forms Chinese alliances for life assurance expansion

AXA forms Chinese alliances for life assurance expansion

AXA has formed alliances that will further its ambition of creating a leading brand in the Chinese life assurance market.

The group has reached an agreement with Industrial and Commercial Bank of China (ICBC) and China Minmetals Corporation, for the equity transfer of AXA-Minmetals Assurance.

AXA Group chairman and chief executive officer, Henri de Castries, explains: “This cooperation with ICBC is ideal to increase our respective interests and presence in the Chinese insurance market.”

He adds: “AXA will, as always, bring its experience in the global insurance sector and risk management to this new alliance and in close cooperation with ICBC will bring more innovative products and quality services to Chinese customers to redefine standards of the insurance industry.”

Last month, AXA completed the sale of its UK-based traditional life and pensions businesses to Resolution Ltd.

The net cash proceeds of the sale for AXA Group amount to €1.7 billion.

 

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