AXA Philippines integrates CPAIC
AXA Philippines has merged operations with its general insurance subsidiary, Charter Ping An Insurance Corporation (CPAIC)
It follows the approval of the merger by the Philippine government’s Securities and Exchange Commission on 28 December 2022.
CPAIC was bought out by AXA in 2016 for €40 million (US$ 42.5 million), but continued to sell insurance under its branding until now. It will now sell all its insurance – which includes global health and travel policies – under the AXA Philippines brand.
In a statement, AXA confirmed that: “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. Other existing contracts with Charter Ping An that have not previously expired remain valid as well.”
AXA Philippines added that the merger would make them ‘better able to protect all that matters to its customers’, and that ‘the need for easier and more convenient methods to acquire insurance became more urgent with the advent of these volatile times’.
“Recent times have highlighted the importance of protecting what matters to us,” said AXA Philippines President and CEO, 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.
“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.”
AXA also released the third edition of its Mind Health Report in February.