April 24, 2013 / 6:01 AM / 4 years ago

AXA to buy 50 pct of Tian Ping in 485 mln eur deal

PARIS, April 24 (Reuters) - AXA said it agreed to buy 50 percent of Chinese property and casualty insurance company Tian Ping for 485 million euros ($631 million) to strengthen its position in high-growth markets.

AXA and Tian Ping's current shareholders will jointly control Tian Ping, while AXA's existing Chinese property and casualty operations are expected to be integrated within the new joint venture, AXA said in a statement on Wednesday. ($1 = 0.7683 euros) (Reporting by James Regan; Editing by Catherine Bremer)

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