The Securities and Exchange Commission has approved the merger between AXA Philippines—a joint venture between the Metrobank Group, GT Capital, and the Paris-based AXA Group—and its former general insurance subsidiary Charter Ping An Insurance Corp.
With the merger, AXA fully absorbs Charter Ping An. GT Capital said the customers of Charter Ping An will not be affected by the merger. In fact, all current policies will remain valid and are considered active and in force. Other existing contracts with Charter Ping An that have not previously expired remain valid as well.
“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.”
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