Foreign insurers eye Chinese market, mull acquisitions to expand presence

AXA owns part of Tianping Auto Insurance. Photo: Bloomberg

Foreign insurers are preparing to make the most of the opening of the mainland's car insurance market, and they are mulling acquisitions. But experts say the road to a major presence in the market will be bumpy because of the dominance of big players.

Wednesday, 28 August, 2013, 4:17am

French insurer AXA grows in China with partnerships, joint ventures

Mike Bishop says AXA's deal with Tianping reflects China's importance to the insurer. Photo: SCMP

French insurer AXA is looking to expand its footprint on the mainland through acquisitions, reflecting its upbeat outlook for the market in the coming decades. "In 30 years, China will be massive in our industry, and we want to be there for that growth," said Mike Bishop, the chief executive of AXA in Asia.

25 Jun 2013 - 7:10pm

AXA buys into Shanghai car insurer Tianping

AXA has agreed to buy half of Tianping Auto. Photo: Bloomberg

European insurer AXA is a step closer to becoming the largest foreign property and casualty insurer in China after agreeing to buy half of Chinese motor insurer Tianping Auto Insurance for 3.9 billion yuan (HK$4.9 billion).

25 Apr 2013 - 5:39am

Briefs, September 20, 2012

Titan Petrochemicals Group says a Bermuda court adjourned a hearing of a petition to appoint provisional liquidators to administer its assets.

Zhengzhou Coal 'to aim for' US$600m offering

20 Sep 2012 - 2:56am

Insurance agents sue AXA over 'bait'

Ten insurance agents who say they were tricked into joining a subsidiary of AXA with promises of joining fees and possible shares in the company are suing for HK$480 million.

15 Aug 2012 - 10:46pm

AXA covers itself with quality hires

As the complexity of investment decisions grows and Hong Kong becomes a maturing insurance market, the need for insurance consultants and financial planners who are well-trained and knowledgeable is on the rise.

6 Jul 2012 - 12:00am

AXA on the lookout for more targets

After a deal that made it the city's largest general insurer overnight, AXA says it will look for similar buying opportunities to maintain its edge.

AXA, Europe's largest insurer and one of the largest life insurers in Hong Kong, last week bought HSBC's general insurance business in Hong Kong, Singapore and Mexico for US$494 million, in the largest such deal in the city.

13 Mar 2012 - 12:00am

HSBC sells insurance arm for US$914m

HSBC Holdings yesterday sold its profit-making general insurance business in Asia and Latin America to French insurer AXA and Australian insurance group QBE to net US$914 million, marking the latest deal in its sale of non-core businesses.

Stuart Harrison, chief executive of AXA Hong Kong, said there would be no job or salary cuts as the company took HSBC staff on board.

8 Mar 2012 - 12:00am

Buyers keen to pick out the best in HSBC sale

HSBC may sell its general insurance operations in separate segments rather than as a single deal as final bidders French insurer AXA and US insurer ACE bargain to 'cherry pick' assets, according to sources familiar with the situation.

25 Feb 2012 - 12:00am

career tracker

Elaine Chan, chief health and protection officer, AXA Hong Kong

4 Feb 2012 - 12:00am

Cultivate patience and time management skills

After graduating, Hill Yu Yee-fung (left) joined a US-based bank as an analyst. He left when a friend introduced him to the 'AXA Associates' professional training programme, aimed at shaping consultants. The AXA financial planner talks to Wong Yat-hei

What's your academic background?

27 Jan 2012 - 12:00am

Accelerated development

Employee turnover rate has always been high in insurance, prompting companies to look for ways to attract and retain the best talent by designing fast-paced career development plans for their staff.

13 Jan 2012 - 12:00am

Ipac to close HK, Singapore offices

Ipac Wealth Management Asia, a financial planning unit of French insurer AXA, will close its Hong Kong and Singapore offices in the first half because of the 'difficult economic climate over recent years'.

In a letter to its customers, Ipac chief executive Gary Harvey said AXA had reviewed its strategy in Asia and made the decision.

10 Jan 2012 - 12:00am

Be committed and serve your clients well

Management executive Marco Au Hon-lung (left) joined the workforce when he was 18. But later on, he decided to further his qualifications by obtaining a degree. After graduating, he worked as a customer engineer before his cousin, employed by AXA, introduced him to his current career as a financial adviser. Au talks with Wong Yat-hei

What's your academic background?

2 Dec 2011 - 12:00am

career tracker

Chris Buchholz, CEO, Hongkong Jet

29 Oct 2011 - 12:00am