The China Banking and Insurance Regulatory corporation ( CBIRC ) has approved AXA 's acquisition of the remaining share of its China - based joint venture AXA Tianping , giving the insurer full ownership of the company in a deal worth an estimated CNY4.6bn ( $ 643 m ) . Once fully in operation , AXA would seek to diversify the unit 's product mix , which is currently 90 percent motor insurance and related products . AXA 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.