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Axa SA Announces Agreement to Buy 50% of Chinese Property & Casualty Insurance Company, Tian Ping

Wednesday, 24 Apr 2013 01:47am EDT 

Axa SA announced that it has entered into an agreement with Tian Ping Auto Insurance Company Limited (Tian Ping) shareholders to acquire 50% of the company. Under the terms of the agreement and subject to regulatory approval, Axa will buy 33% of the company from Tian Ping's current shareholders for RMB 1.9 billion (or EUR 237 million) and subscribe to a dedicated capital increase for RMB 2.0 billion (or EOR 248 million) to support future growth. Axa and Tian Ping's current shareholders will jointly control Tian Ping. Tian Ping has Property & Casualty licenses covering most Chinese provinces as well as a direct distribution license covering all these provinces and is mainly focusing on motor insurance.