Business | General
AXA eyes more buyouts
French insurer AXA's Asia unit, AXA Asia Pacific, is looking at more regional acquisitions after its deal to buy an Australian financial planning business last week, the unit's chief said on Sunday.
- Reuters
- Published: 23:39 June 8, 2008
Sydney: French insurer AXA's Asia unit, AXA Asia Pacific, is looking at more regional acquisitions after its deal to buy an Australian financial planning business last week, the unit's chief said on Sunday.
Chief executive Andrew Penn said the Australia-listed firm still had around A$1 billion ($963 million) in capital that was surplus to regulatory requirements, even after agreeing last Wednesday to buy the financial planning business of Challenger Financial Group for A$100 million.
Under the deal, AXA Asia Pacific swapped its closed annuity business to Challenger in exchange for the financial planning business and net payment to AXA Asia Pacific of A$50 million.
Asked if he was still hunting for acquisitions, Penn said his firm was considering potential targets in Australia and across Asia.
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