French insurance giant AXA announced Tuesday that it would offer 4.6 billion yuan (662 million U.S. dollars) to acquire the remaining 50 percent stake in AXA Tianping Property & Casualty Insurance Company Ltd to accelerate its growth in China.

 

法国保险巨头安盛周二宣布将以46亿元人民币（6.62亿美元）收购安盛天平财产保险有限公司剩余的50%股份以加快在中国的发展。

 

AXA said it has entered into an agreement with the current domestic shareholders¹ of its joint² venture, the largest foreign Property & Casualty (P&C) insurer in China.

 

It said 1.5 billion yuan would be financed through a capital reduction of AXA Tianping to buy back shares from the current domestic shareholders.

 

This is the first transaction in the Chinese insurance market where a leading P&C insurer, with a nationwide footprint, will be fully³ owned by a foreign company, said Thomas Buberl, Chief Executive Officer of AXA.

 

"AXA Tianping represents a unique platform for AXA to capture fully the significant growth potential of the P&C and health markets in China," said Buberl.

 

"The acquisition further reaffirms our conviction that our operations in China will be a key growth engine of the group and in its preferred segments," he said.

 

"With full ownership and management control of AXA Tianping, we will further accelerate the deployment⁴ of our strategy to create a leading insurer that champions healthcare and mobility⁵ solutions," said Gorgon⁶ Watson, chief executive officer of AXA Asia.

 

The transaction is subject to regulatory approval from the China Banking⁷ and Insurance Regulatory Commission.

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