European Insurer Axa to Purchase Half of China’s Tian Ping

On April 24, Axa SA, Europe’s second-largest insurer, agreed to buy a 50 percent stake in Chinese auto insurer Tian Ping in a deal valued at around $631 million. In an emailed statement to Bloomberg News, Axa said that it will buy 33 percent of Tian Ping from existing shareholders, and invest $324 million in a capital increase to support growth in Asia. Axa’s other property and casualty businesses will be integrated into the new joint venture.