Axa AP to pay NAB $425 million for Asian insurance arms

Deal to spearhead groupÆs growth ambitions in Hong Kong and Indonesia.

Axa Asia Pacific, the Australian arm of Europe's second-largest insurer, announced yesterday February 21 that it is to acquire National Australia BankÆs insurance units in Hong Kong and Indonesia for A$575 million $425 million in a bid to accelerate growth in Asia.

Axa Asia chief executive, Les Owen says the purchase of MLC Hong Kong and MLC Indonesia is, a strategically attractive opportunity to accelerate our growth in the Asian region.

Life insurance margins in Hong Kong are very attractive,...

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