France’s Axa has bought the 50 per cent of Chinese venture Axa Tianping that it did not already own, in a €584m deal that bulks up its position in one of the world’s biggest and fastest-growing insurance markets.
Overseas insurers have been keen to increase their presence in China, which is dominated by local companies such as China Life and Ping An. The announcement came a day after Germany’s Allianz said that it would set up a wholly-owned holding company in the country.
Axa said the Axa Tianping deal made it the first foreign insurer to fully own a top-20 property and casualty insurance company in China.
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