Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

AXA Acquisition In Japan

MEDIACOM-RELEASE-AXA-NEW-ZEALAND

AXA ACQUISITION IN JAPAN

Today the AXA Group announced it made a conditional offer for the purchase of a controlling interest in Nippon Dantai, Japan's 13th largest life insurance company.

AXA National Mutual Holdings, the Asia Pacific member of the AXA Group, has been closely involved in the negotiations with Nippon Dantai, which holds a 2 per cent share of the enormous Japanese life insurance market.

Japan is the largest life insurance market in the world accounting for about one third of the world's insurance premiums. The acquisition, when completed, will complement the AXA Group's existing Japanese life insurance business, AXA Life Japan.

Under current plans, Nippon Dantai Life and AXA Life, AXA's Japanese subsidiary, will establish a joint holding company called AXA Nichidan Insurance Holding Co., Ltd, in March, 2000, through the transfer of shares of both companies.

AXA plans to make a direct investment of as much as Yen 200 billion. A major proportion of this amount would go to Nichidan before March, 2000. As a result of the investment AXA will hold around 95 per cent of the issued shares of the holding company.

"The acquisition will more than double the AXA Group's existing life insurance premiums from the Asia Pacific region," said Andy Penn, Chief Executive - International, AXA National Mutual Holdings.

The transaction is expected to be completed during the first quarter of 2000. AXA National Mutual Holdings, consistent with its role as the development arm for the Asia Pacific region for the AXA Group, will then consider if it wishes to participate in the business moving forward and what form this might take.

ENDS....

MEDIA RELEASE FROM AXA NEW ZEALAND

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: