Monday, June 17, 2024

SEC approves merger of AXA, Charter Ping An

The Securities and Exchange Commission (SEC) has approved effective December 28, 2022 the merger between AXA Philippines — one of the country’s top insurance companies and a joint venture between the Metrobank Group, GT Capital, and the Paris-based AXA Group — and its former general insurance subsidiary Charter Ping An Insurance Corporation.

The approved merger is the final step in the years-long process that began when AXA acquired Charter Ping An in 2016. With the merger, AXA fully absorbs Charter Ping An.

Customers of Charter Ping An will not be affected by the merger, and all current policies will remain valid and are considered active and in force, subject to the relevant terms and conditions of their insurance policies. Other existing contracts with Charter Ping An that have not previously expired remain valid as well.

With the merger, AXA Philippines is better able to protect all that matters to its customers by providing them with an enhanced and robust suite of insurance products: from life, health, savings and investments, to car and home insurance products, to name a few. Now, their customers can rely on only one partner for all their insurance needs.

“Recent times have highlighted the importance of protecting what matters to us,” Bernardo Serrano Lopez, AXA Philippines president and CEO, said. “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.” While the merger was initiated years ahead of the pandemic and other global issues, the need for easier and more convenient methods to acquire insurance became more urgent with the advent of these volatile times.

“Convenience has become a vital necessity. Merging life and non-life insurance under a single brand takes that convenience a big step further and becomes another means for us to be of service to our customers,” Lopez further said.

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