The Securities and Exchange Commission (SEC) of the Philippines has approved the proposed merger of AXA Philippines and Charter Ping An.
On December 28, the SEC approved the transaction. AXA Philippines will absorb Charter Ping An, its former general insurance unit, as part of the deal. AXA Philippines is a partnership between the French insurance company AXA and the local banks Metrobank Group and GT Capital.
“The approved merger is the final step in the years-long process that began when AXA acquired Charter Ping An in 2016,” AXA Philippines said, adding all existing policies of Charter Ping An will remain “valid and are considered active and in force.”
AXA Philippines will expand its insurance portfolio in the country as a result of the merger, particularly in the general segment, such as car and home insurance. A single brand will offer both life and general insurance.
“Recent times have highlighted the importance of protecting what matters to us,” said Bernardo Serrano Lopez, AXA Philippines president and CEO. “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.”