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AXA acquires 50% stake in Tianping Auto Insurance
Online Edition
France-based AXA, the world’s largest insurer, has acquired a 50 percent stake in Tianping Auto Insurance Co and will form a joint venture focusing on online sales of property insurance policies.
The new AXA Tianping Property & Casualty Insurance Co will bank on Tianping’s extensive sales network and AXA’s strong capital balance and experience to tap the booming online financial market, the company said.
Online sales of insurance policies reached nearly 4 billion yuan (US$643.8 million) in China in 2012 and may have exceeded 10 billion yuan last year, iResearch said in a report.
AXA has spent 3.9 billion yuan setting up the joint venture.
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