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AXA Asia Pacific acquires MLC Hong Kong and Indonesia for 575 mln aud from NAB
AXA Asia Pacific acquires MLC Hong Kong and Indonesia for 575 mln aud from NAB
AXA Asia Pacific Holdings Ltd (AXA APH) said it has acquired MLC Hong Kong and MLC Indonesia from National Australia Bank Ltd for 575 mln aud.
AXA APH chief executive Les Owen said the acquisition targets his company’s strategy for accelerated growth in the Asian region, utilising a strong capital base.
‘Life insurance margins in Hong Kong are very attractive and with high savings ratios there is considerable growth potential for life insurance, investment products and wealth management,’ he said.
In Indonesia, Owen said the MLC acquisition will see agency and advisor distribution numbers grow by around 1,000 to over 2,200, positioning AXA APH as the second largest life insurer in terms of new business.
More: forbes.com
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