The Securities and Exchange Commission (SEC) has approved the merger between AXA Philippines—a joint venture between the Metrobank Group, GT Capital, and the Paris-based AXA Group—and its former general insurance subsidiary Charter Ping An Insurance Corp.
GT Capital Holdings Inc. said on Wednesday that the approved merger is the final step in the years-long process that began when AXA acquired Charter Ping An in 2016. The SEC approved the merger last December 28.
With the merger, AXA fully absorbs Charter Ping An. GT Capital said the customers of Charter Ping An will not be affected by the merger. In fact, all current policies will remain valid and are considered active and in force. Other existing contracts with Charter Ping An that have not previously expired remain valid as well.
“Recent times have highlighted the importance of protecting what matters to us,” says AXA Philippines President and CEO Bernardo Serrano Lopez.
“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.”
With the merger, AXA becomes one of the first big local insurance companies to offer both life and non-life insurance under a single brand, said GT Capital.
Moreover, GT Capital said AXA Philippines is better able to protect all its customers by providing them with an enhanced and robust suite of insurance products ranging from life, health, savings and investments, to car and home insurance products, to name a few. There is now only one partner for all their insurance needs, accoding to GT Capital.
“Convenience has become a vital necessity. 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,” said Serrano Lopez.