AXA to increase stake in P&C company

Paris-based AXA SA will become the first foreign insurer to own 100 percent of a top 20 property and casualty insurance company in China once it receives regulatory approval for the acquisition.

With a 50 percent stake in AXA Tianping Property & Casualty Co, AXA announced on Monday it had entered into an agreement with the domestic shareholders to acquire the remaining 50 percent stake in the company for a total of 4.6 billion yuan ($662 million).

The transfer price is around 10.87 yuan per share, according to Hubei Biocause Pharmaceutical Co, one of the five domestic shareholders.