AXA Philippines, Charter Ping An merger gets SEC nod

The merger between Ty-led insurance firm AXA Philippines and its former subsidiary, Charter Ping An Insurance Corp., has secured the nod of the Securities and Exchange Commission (SEC).

In a statement on Thursday, AXA Philippines said its merger with Charter Ping An was approved by the SEC on December 28, 2022.

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

The insurance company said the SEC approval was the final step in the years-long process that began when AXA Philippines acquired Charter Ping An in 2016. 

With the merger, AXA Philippines said it fully absorbed Charter Ping An.

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, the company said.

Other existing contracts with Charter Ping An that have not previously expired remain valid as well, it added.

With the merger, AXA Philippines said it 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.

"Recent times have highlighted the importance of protecting what matters to us," said AXA Philippines president and chief executive officer 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," he added. 

"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." —VBL, GMA Integrated News