CHINA LIFE BUYS WINTERTHUR LIFE TAIWAN FROM AXA

French insurer AXA has agreed to sell Winterthur Life Taiwan to China Life Insurance Co Ltd, a life assurer incorporated in Taiwan. Winterthur Life Taiwan had premium volume last year of about €100m, giving it just a 0.35% market share. The transaction, subject to regulatory approvals, is expected to close before the end of the year. AXA inherited the Asian operations of Winterthur when it bought the Swiss operation in June last year. In accordance with undertakings given by AXA when it bought a majority stake in Australia’s National Mutual in 1995 and renamed it Axa Asia-Pacific, the Australian operation had the option to buy the Asian interests of Winterthur. However, it turned down Winterthur Taiwan, reportedly because of its small market share and a negative spread on its life policies. Meanwhile, Shanghai Pudong Development Bank has received approval from the Chinese securities regulator for its proposed fund management joint venture with AXA.