AXA to take full ownership of JV in China

French insurer bullish on local market, eyes middle-income group for growth

AXA is a stone's throw way from becoming China's biggest foreign-funded property and casualty (P&C) insurer once the China Banking and Insurance Regulatory Commission approves its purchase of the remaining 50 percent stake of its joint venture in AXA Tianping, industry officials said.

By taking full ownership of AXA Tianping, the Paris-headquartered French multinational insurance company will be in a strong position in the world's second largest insurance market where demand from the middle-income group earning for quality of life is rising along with consumption upgrades and digitalization, said Xavier Veyry, executive chairman and chief executive officer of AXA China.