AXA, Charter Ping An Merger OK'd
The Securities and Exchange Commission has approved the merger between AXA Philippines and its former general insurance subsidiary Charter Ping An Insurance Corp.
Photo Insert: AXA Philippines is a joint venture between the Metrobank Group, GT Capital, and the Paris-based AXA Group.
AXA Philippines is a joint venture between the Metrobank Group, GT Capital, and the Paris-based AXA Group. With the merger, AXA becomes one of the first big local insurance companies to offer both life and non-life insurance under a single brand.
In a disclosure to the Philippine Stock Exchange, GT Capital said the approved merger is the final step in the years-long process that began when AXA acquired Charter Ping An in 2016. With the merger, AXA fully absorbs Charter Ping An.
Customers of Charter Ping An will not be affected by the merger, and all current policies will remain valid and are considered active and in force, subject to the relevant terms and conditions of their insurance policies. Other existing contracts with Charter Ping An that have not previously expired remain valid as well.
With the merger, AXA Philippines said it is better able to protect all that matters to its customers by providing them with an enhanced and robust suite of insurance products: from life, health, savings, and investments, to car and home insurance products, to name a few.
“Recent times have highlighted the importance of protecting what matters to us,” said AXA Philippines president and chief executive officer, Bernardo Serrano Lopez.
He added that, “Since we offer different types of insurance that cater to the varied protection needs of our customers, it will be much more convenient for our customers to find solutions for their insurance needs under the single AXA brand.”
While the merger was initiated years ahead of the pandemic and other global issues, the need for easier and more convenient methods to acquire insurance became more urgent with the advent of these volatile times.
“Convenience has become a vital necessity. Merging life and non-life insurance under a single brand takes that convenience a big step further and becomes another means for us to be of service to our customers,” said Lopez.