AXA said in April it was buying 50% of Shanghai-based Tian Ping Auto Insurance for 485 million making it the number one general insurance player among foreigners in China.
Tian Ping was set up in 2004 and is already profitable. Its major focus is motor insurance.
“We believe there is massive potential in the China retail insurance market, particularly in the direct distribution of motor insurance,” Francois-Valery Lecomte, AXA Asia’s chief financial officer told FinanceAsia in an interview.
Five years ago there were 50 million cars in China, now there are 100 million, in 2020 there will be 200 million, according to AXA...