SYDNEY (XFN-ASIA) - Wealth management group AXA Asia Pacific Holdings Ltd said will acquire for Winterthur Life Hong Kong Ltd for 278-393 mln aud or 1.7-2.4 bln hkd.
AXA Asia Pacific, 54 pct owned by France's AXA SA, said the final price will be subject to an adjustment based on the future performance of the business measured in 2009.
The acquisition follows AXA SA's acquisition of the Winterthur Group from Credit Suisse.
AXA Asia Pacific group chief executive Andrew Penn said in a statement that Winterthur Hong Kong is a strategically attractive growth opportunity.
Penn said the acquisition will add annual gross premiums of about 2.7 bln hkd.
AXA Asia Pacific will seek shareholder approval for the acquisition at its annual general meeting in April.
The group added it declined the opportunity to acquire Winterthur's Indonesian life insurance operations as these are primarily focused on group health insurance.
It said it will make a further announcement in relation to Winterthur Life Taiwan in due course.
(1 usd = 1.28 aud, 7.78 hkd)
bruce.hextall@xfn.com
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