Axa has also accepted a capital subscription from Nippon Life, which means 1% of Axa’s common shares will be transferred to the Japanese-headquartered life insurer to establish a long-term partnership between the two companies. It is expected the transaction process for the subscription will be completed at the end of the month.
“We have been building the basis for a relationship of trust by interacting and exchanging views on various occasions with Nippon Life, a company with which we can share our sense of values and beliefs regarding the life insurance business,” said Axa.
The two firms have jointly developed a new medical insurance product called Medi-A×N which will be sold through Nippon Life’s distribution network.
The product will be launched in June, and sold by Nippon’s sales representative, Nissay Life, from August.
“Walk together”
In a statement, president and chief executive of Axa Life, Jacques de Peretti, said: “Axa Life is extremely honoured to be able to walk together with Nippon Life in their new history of jointly developing new products with other insurers.”
He said the business partnership was founded on the two companies’ belief in the positive social effects of providing “innovative products” to a greater number of clients.
“Axa Life will further promote its ongoing initiatives to ‘redefine medical coverage’ and continue providing the best solutions to our customers.”
