The Philippines’ Securities and Exchange Commission (SEC) has approved the proposed merger of AXA Philippines and Charter Ping An.
The SEC gave the green light to the transaction on Dec. 28. The deal will see AXA Philippines absorb Charter Ping An, which was its former general insurance unit. AXA Philippines is a joint venture between French insurance giant AXA and locals 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.”
As a result of the merger, AXA Philippines will further enlarge its insurance portfolio in the country, especially in the general segment, such as car and home insurance. Both life and general insurance will be offered under a single brand.
“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.”
