Reinforcing brand synergy and expanding reinsurance operations in mainland China
HONG KONG, Oct. 17, 2024 /PRNewswire/ -- AXA China Region Insurance Company (Bermuda) Limited ("AXA Insurance") is pleased to announce the official name change of XL Reinsurance (China) Company Limited ("XL Re China") to AXA International Reinsurance (Shanghai) Company Limited ("AXA International Re"). This changetook effect on 16 October, 2024, following approval from the National Financial Regulatory Administration ("NFRA"). This milestone marks a pivotal moment in the commitment to expanding and enhancing reinsurance operations in mainland China.
With unwavering focus, AXA International Re have manged to obtain all regulatory approvals for necessary corporate changes and nomination of key directors and officers, after the acquisition completed in April this year. By leveraging data, pricing strategies, and market expertise, AXA International Re is now in a very good position and will focus on developing products and pricing, offering a wider range of reinsurance solutions to its clients in the mainland Chinese market.
Sally Wan, Chief Executive Officer, AXA Greater China, said, "AXA entered into the Chinese insurance market since 1990s. As a global leading insurer, we are actively refining our business development strategy to strengthen our presence in mainland China. This strategic renaming to 'AXA International Re' underscores our commitment to the mainland Chinese market, where we aim to provide innovative and effective reinsurance solutions and leverage our global experience for risk diversification while fostering synergy with the AXA's brand. The collaborative efforts of the AXA entities across the Greater China have been instrumental in enhancing our capabilities and ensuring our success in this dynamic region. We appreciate the support from the National Financial Regulatory Administration during our transition and value the collaborative efforts of our teams, are essential for our growing reinsurance business."
With the comprehensive experience, expertise, infrastructure, and extensive network in the Greater China, AXA Insurance is poised to develop and implement expansive strategies, underpinning its business development efforts within mainland China. This strategic focus is aimed at more effectively serving local markets and addressing the specific needs of mainland Chinese clients.
About AXA Hong Kong and Macau
AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 94 million customers worldwide. Our purpose is to act for human progress by protecting what matters.
As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation.
We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, insurer and an exemplary company.
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