Axa to merge its life and general insurance units in Singapore

Added 25th October 2016

Insurance giant Axa is set to merge its life and general insurance businesses in Singapore.

Axa to merge its life and general insurance units in Singapore

Europe's second-biggest insurer said the consolidated entity will operate from Jan 1 next year, the Straits Times has reported.

The merger will include combining Axa Insurance Singapore, the general insurance unit which has operated in the city-state since 1969, with Axa Life Insurance Singapore, set up in 1999.

According to the publication, the consolidation will cost $1m (£817,227, €918, 366) and will affect the insurer’s health insurance set-up.

Both the life and general insurance entities sell these policies but the teams will come under one chief exectuive, Doina Palici-Chehab.

Axa is currently second-largest in the market for general insurance and sixth in life insurance here.   

Axa will retain all of its 700 staff as well as its 1,000 life agents, which has grown by 20% compared with the same period last year.

"We've operated separately, due to the fact that we were created at different moments, but during the last few years, we realised we could have synergy, and had already merged some departments like communication, human resource and finance.

“All assets and liabilities of the general insurance business will be transferred to the life company, and on 1 January, it will be renamed Axa Insurance," said Palici-Chehab.

Chehab said the move will help the Axa “focus even more on our customers by being one company”.

In addition, the merger will coincide with the upcoming launch of insurer’s digital platform called MyAx, due for release by 1 January. 

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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