AXA completes acquisition of the remaining 50 percent stake in AXA Tianping

French multinational insurer AXA has completed the acquisition of the remaining 50 percent stake in AXA Tianping Property & Casualty Insurance Company (AXA Tianping) from its domestic shareholders, becoming the largest 100 percent foreign-owned P&C insurer in the Chinese market.

Total cash consideration for the acquisition of the 50 percent stake amounted to Rmb4.6 billion ($658 million).

The completion of the transaction follows the fulfilment of customary closing conditions, including the receipt of regulatory approvals.

AXA Tianping will be fully consolidated in AXA Group’s financial statements from the date of closing of this transaction.