Metro Manila (CNN Philippines, January 5) — AXA Philippines strengthened its position in the local insurance sector after the Securities and Exchange Commission (SEC) approved its merger with Charter Ping An Insurance Corporation.
In a statement on Thursday, AXA Philippines said the commission gave its nod on Dec. 28, 2022.
The company is a joint venture between Metrobank Group, GT Capital, and the Paris-based AXA Group, while Charter Ping An was its former general insurance unit.
“The approved merger is the final step in the years-long process that began when AXA acquired Charter Ping An in 2016,” it said.
The group assured its customers that existing clients of Charter Ping An, including current policies, would remain “valid and are considered active and in force.”
Following the merger, AXA Philippines has expanded its insurance portfolio, covering life, health, savings and investments, and 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. “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.”
