SEC OKs merger of AXA, Ping An

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the merger of AXA Philippines and its subsidiary Charter Ping An Insurance Corp.

This will make AXA Philippines one of the biggest local insurance companies in the country to offer both life and non-life insurance.

AXA Philippines is a joint venture between the Ty family’s Metrobank Group and the Paris-based AXA Group.

Customers of both AXA and Charter Ping can rely on one partner for their insurance needs, said AXA Philippines president and CEO Bernardo Serrano Lopez.

“Recent times have highlighted the importance of protecting what matters to us,” he said.

The approved merger is the final step in a process that began when AXA acquired Charter Ping An in 2016.

With the merger, AXA fully absorbs Charter Ping An although parent firm GT Capital has assured customers of Charter Ping An that they will not be negatively affected by the merger.

GT Capital said all current policies would remain valid, 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, GT Capital said.

With the merger, AXA Philippines’s offering to consumers has expanded with an enhanced suite of insurance products. These include life, health, savings and investments, car and home insurance products.

“Since we offer different types of insurance that cater to the varied protection needs of our customers, it will be much more convenient for our customers to find solutions for their insurance needs under the single AXA brand,” Serrano Lopez said.

While the merger was initiated years ahead of the pandemic and other global issues, he said the need for easier and more convenient methods to acquire insurance became more urgent because of COVID-19.

“Merging life and non-life insurance under a single brand takes that convenience a big step further and becomes another means for us to be of service to our customers,” Serrano Lopez added.

Aside from AXA Philippines, GT Capital’s other businesses include banking through Metrobank; automotive through Toyota Motor Philippines Corp. (TMP), mobility through GT Capital Auto and Mobility Holdings Inc. (GTCAM), property through Federal Land Inc. (Federal Land) and tollways and infrastructure through Metro Pacific Investments Corp. (MPIC).

GT Capital was founded by the late tycoon George Ty.