The Securities and Exchange Commission approved the merger of AXA Philippines and Charter Ping An Insurance Corp., the insurance units of the Metrobank Group.
GT Capital Holdings Inc. said Wednesday in a stock exchange filing the SEC approved on Dec. 28, 2022 the merger, with AXA Philippines as the surviving entity.
GTCAP said the merger would enable AXA Philippines to become one of the first big local insurance companies to offer both life and non-life insurance under a single brand.
AXA Philippines is one of the country’s leading insurance companies and a joint venture between the Metrobank Group, GT Capital and the Paris-based AXA Group, while Charter Ping An is its general insurance subsidiary.
GTCAP said customers of Charter Ping An would not be affected by the merger, and all current policies would remain valid, active and in force, subject to the relevant terms and conditions of their insurance policies.
Other existing contracts with Charter Ping An that had not previously expired would remain valid as well, it said.
GTCAP said the merger would allow AXA Philippines to better protect customers by providing them with an enhanced and an array of insurance products from life, health, savings and investments to car and home insurance products.
“Recent times have highlighted the importance of protecting what matters to us. 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,” AXA Philippines president and chief executive Bernardo Serrano Lopez said.
GTCAP said while the merger was initiated years ahead of the pandemic and other global issues, the need for easier and more convenient methods to acquire insurance became more urgent amid the current volatile conditions.
“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,” Lopez said.