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FINANCIAL | Insurance / Property & Casualty
axatp.com

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Founded Year

2013

Stage

Acquired | Acquired

Valuation

$0000 

About AXA Tianping Property & Casualty

AXA Tianping Property & Casualty Insurance Company offers property and casualty insurance products and services.

AXA Tianping Property & Casualty Headquarter Location

21/F China Development Bank Tower No. 500 Pudong South Road

Shanghai, Shanghai, 200120,

China

86 137 7445 7222

Latest AXA Tianping Property & Casualty News

AXA Group to buy Chinese partners’ 50% stake in insurance JV for $662m

Nov 30, 2018

Photo: Reuters November 30, 2018 France’s AXA Group has entered into an agreement to acquire Chinese partners’ 50 per cent stake in insurance joint venture, AXA Tianping Property & Casualty Insurance Company Ltd , for about $662 million (RMB 4.6 billion). The deal will make AXA the first foreign insurer to wholly own a top 20 property and casualty (P&C) insurance firm in China, it said in a statement. According to AXA, full management control of the JV will allow it to ‘accelerate its strategy in the largest growing market in Asia’. The transaction includes AXA buying back its Chinese partners’ stake in Shanghai-based AXA Tianping for 1.5 billion RMB in a capital reduction exercise. As per an Asia Asset report, domestic shareholders in the company include Shanghai Yi Ke Joint Venture, Hainan Hua Ge Industrial Investment Co., Tian Mao Industrial Group Joint Stock Corporation, Hainan Luda Technology Co., and Rixingkang Biology Engineering Co. “AXA Tianping represents a unique platform for AXA to capture fully the significant growth potential of the P&C and health markets in China. By leveraging its broad domestic presence, strong distribution capabilities, and our international brand with global Health and P&C expertise, we look forward to offering high-value products and services to our existing and potential customers in China,” AXA Chief Executive Officer Thomas Buberl said. “The acquisition further reaffirms our conviction that our operations in China will be a key growth engine of the Group and in its preferred segments,” he added. The Chinese P&C insurance and health insurance markets have been growing rapidly at 13 per cent per annum and 39 per cent respectively over the past 5 years. Despite continuous growth, P&C insurance penetration remains low at 1.3 per cent, while motor insurance has been the dominant product, representing 74 per cent of the market, the statement added. AXA Tianping claims to be one of the leading companies in direct motor insurance, with motor insurance contributing 91 per cent of gross written premiums (GWP), of which 41 per cent is distributed through direct channels. The company also sells short-term health insurance products, and has developed a national footprint with 25 branches and 93 sub-branches, covering 20 provinces. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, most notably from the China Banking and Insurance Regulatory Commission. On the completion of the transaction, AXA Tianping will be fully consolidated into the AXA Group’s financial statements. Also Read:

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