The China Banking and Insurance Regulatory Commission (CBIRC) has approved AXA Tianping's acquisition of the remaining share of its China-based joint venture AXA Tianping Tianping, giving the insurer full control of the company in a deal worth an estimated CNY4.6bn ($643m). Once fully in control, AXA Tianping will seek to diversify the unit's product mix, which is currently 90% motor insurance and related products. AXA Tianping China CEO Xavier Veyry said health care and lifestyle segments would be targeted.
The China Banking and Insurance Regulatory Commission (CBIRC) has approved AXA's acquisition of the remaining share of its China-based joint venture AXA Tianping, giving the insurer full control of the company in a deal worth an estimated CNY4.6bn ($643m). Once fully in control, AXA will seek to diversify the unit's product mix, which is currently 90% motor insurance and related products. AXA China CEO Xavier Veyry said health care and lifestyle segments would be targeted.