French insurer AXA (AXAHY.PK) reported signing an agreement with Tian Ping Auto Insurance Company Ltd. shareholders to purchase 50% of the company. Tian Ping is a Chinese Property & Casualty Insurance company with strong Direct capabilities.
As part of the deal, AXA would buy 33% of the company from Tian Ping's current shareholders for RMB 1.9 billion or 237 million euros and subscribe to a dedicated capital increase for RMB 2.0 billion or 248 million euros to support future growth.
Both AXA and Tian Ping's current shareholders would jointly control Tian Ping. AXA's existing Chinese P&C operations are likely to be integrated within the new joint-venture.
Tian Ping is increasingly focusing on direct distribution, a growth strategy that would be supported by AXA's global P&C expertise, the company said in a statement.
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