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, he comments. With high savings ratios there's considerable growth potential for life insurance, investment products and wealth management.

Melbourne-based Axa Asia will add more than 800 sales agents to the 2,400 life insurance advisers it...
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