PARIS, July 19 -- AXA Group issued the following news release:
ICBC-AXA Life, a Life Insurance joint-venture between ICBC, AXA and Minmetals, announced today its official launch in China. It has received approval from China'sState Council and all relevant regulatory bodies.
Henri de Castries, Chairman and CEO of AXA, said: "I am delighted with the establishment of ICBC-AXA Life. This is a key milestone in the history of AXA in Asia and a testament to our long-term commitment to the Chinese market, where AXA first started operating in 1999. AXA will be able to tap into the broad expertise and experience of its new partner ICBC and bring innovative and customized insurance solutions to Chinese customers."
ICBC-AXA Life succeeds AXA-Minmetals Assurance (AXA-Minmetals), established in 1999. Following the equity transfer agreement reached on October 28, 2010 between Industrial and Commercial Bank of China Co. Ltd (ICBC), AXA and China Minmetals Corporation (Minmetals), ICBC bought 60% of shares of AXA-Minmetals and became the majority shareholder of the company. AXA owns 27.5% and Minmetals owns 12.5%.
Headquartered in Shanghai, ICBC-AXA Life operates in more than twenty major cities and provinces in China with Beijing, Shanghai and Guangzhou serving as hub centers. The company is committed to accelerating its expansion across China to provide Chinese customers with insurance advice and services to meet their increasing needs through the different stages of their lives, such as education, family protection, wealth management and retirement.
To achieve its ambition of becoming a leading Chinese life insurer, ICBC-AXA Life will leverage ICBC's strong customer base of 282 million individual customers and 4.11 million corporate clients, complete service network and rich experience in the Chinese finance industry. AXA will continue to provide product development and risk management support based on its deep global experience.
ICBC has appointed Mr. Sun Chiping as the Chairman of the Board of ICBC-AXA Life. AXA has appointed Mr. Jamie McCarry to continue to serve as President, in charge of the day-today business operations of the company.
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