AXA China Region Insurance Company (Bermuda) Limited (“AXA Insurance”) is pleased to announce that AXA Insurance completed the acquisition of XL Reinsurance (China) Company Limited (“XL Re China”) for all shares. XL Re China (to be renamed subject to regulatory approval) will continue to operate as a member of the AXA Group, focusing on developing products for the Chinese market. By utilising data, pricing strategies, and professional knowledge of the market, XL Re China will focus on developing products and pricing, and working with AXA XL Re to provide an increased variety of reinsurance solutions to clients in the Chinese market.

This transaction will allow AXA Group to further strengthen the development of business in China by leveraging AXA Greater China’s experience, expertise, infrastructure and network; establishing and executing broader strategies focusing on the Greater China region and servicing local markets.

As a member of a leading global insurer, AXA Insurance will adjust its business development strategy in a timely manner to establish a solid foundation in mainland China and remains committed to the China insurance market, upholding our core value of customer-first to provide up-to-date product solutions.

AXA XL Re will write new and renewal reinsurance business in China and other Asian markets from their Singapore hub, or in the case of credit and surety business, from the Zurich hub.

We would like to express our heartfelt gratitude to the support provided by the National Administration of Financial Regulation and the Shanghai Municipal People's Government on this transaction, as well as the restless efforts and collaboration across the AXA entities across Greater China, which have laid a solid foundation for developing new reinsurance business.