THE Securities and Exchange Commission (SEC) has approved the merger of AXA Philippines and Charter Ping An Insurance Corp., giving consumers more insurance choices under one brand.
Charter Ping An is the former general insurance unit of AXA Philippines, which is a joint venture between Metropolitan Bank and Trust Co., GT Capital Holdings, Inc., and Paris-based AXA Group.
In a regulatory filing on Wednesday, GT Capital said that the SEC’s approval “is the final step in the years-long process that began when AXA acquired Charter Ping An in 2016.”
The SEC approved the merger on Dec. 28, 2022.
Upon the merger’s conclusion, AXA Philippines will be fully absorbing Charter Ping An without affecting the customers of the subsidiary. It will also assume the assets, liabilities, rights, and obligations of Charter Ping An.
GT Capital said that the merger will not affect the current policies and will be considered active and in force, while other existing unexpired contracts with Charter Ping An will remain valid.
Insurance policies that will be issued after the SEC’s approval of the merger will be honored and serviced by the surviving entity.
The companies see the merger as a step towards providing better protection to AXA Philippines and Charter Ping An’s customers.
“Recent times have highlighted the importance of protecting what matters to us,” AXA Philippines President and Chief Executive Officer Bernardo Serrano Lopez said in a press release.
“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.
Mr. Serrano Lopez said that he had seen the need for easier and more convenient methods through the pandemic and amid global issues, making it a necessity during the volatile times.
“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,” he added.
AXA Philippines offers a full suite of insurance products which are: life, income protection, health, education, retirement and investment, home, auto, travel, marine and cargo, and commercial business. — Justine Irish D. Tabile