AXA acquires CPA

AXA Philippines announced it has completed the acquisition of Charter Ping An Insurance Co. (CPA) for USD45.6 million from GT Capital.

The acquisition of CPA, the fifth largest non-life insurer in the Philippines, enables AXA Philippines to offer property & casualty insurance products alongside its current range of life & savings products.

AXA said in a statement, that it is also extending its successful bancassurance partnership with GT Capital and Metrobank, the second largest bank in the country, to include the distribution of P&C insurance products.

When the acquisition was announced in November 2015, AXA said it hopes to benefit from the growing P&C market in the Philippines, which had low insurance penetration of only 0.45 percent of gross domestic product in 2014.