GT Capital Holdings Inc. said it has received regulatory approval for the merger of it insurance businesses AXA Philippines and Charter Ping An Insurance Corp., with AXA Philippines as the surviving entity.
This makes the combined entity one of the first big local insurance companies to offer both life and non-life insurance under a single brand.
AXA Philippines is a joint venture between the Metrobank Group, GT Capital, and the Paris-based AXA Group, while Charter Ping An was acquired by GT Capital in 2013 from the Metrobank Group.
“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,” GT Capital said.
“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,” it added.
GT Capital said 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.”
