Axa-Minmetals Assurance Establishes Two New Branches in China

Thu. November 20, 2008; Posted: 05:48 AM

SHANGHAI, China, Nov 20, 2008 (A. M. Best via COMTEX) -- AXA | Quote | Chart | News | PowerRating -- AXA-Minmetals Assurance Co. Ltd., a joint venture between French-based Axa Group and China Minmetals Corp., has been give regulatory approval to commence operations in northern China?s Liaoning province and establish a new branch in Tianjin municipality.

According to the China Insurance Regulatory Commission, Axa-Minmetals? Liaoning branch will be restricted to operating businesses in the administrative regions of Liaoning province, though the insurer could make its own decisions on the scope of operations.

The insurer has also gained approval from the CIRC to set up a branch in Tianjin. The new branch will have six months for construction and it will not be allowed to operate insurance business during the construction period.

Earlier this month, Axa-Minmetals was approved by the CIRC to increase its registered capital from 705 million yuan to 905 million yuan (105.7 million euros).

Established in June 1999, Axa-Minmetals Assurance is the first Sino-French insurance company with headquarters in Shanghai. It is also the first life insurance company granted the establishment permission after the establishment of the CIRC.

Currently, Axa-Minmetals has operations in nine Chinese cities, including Shanghai, Beijing, Guangzhou, Shenzhen, Nanjing, Foshan, Dongguan, Wuxi and Changzhou. It palns to continue strategic business expansion across China.

Its Chinese parent, China Minmetals Corp., founded in 1950, is mainly engaged in the development, production, trading and operation involving metals and minerals. It also operates businesses in finance, real estate and logistics. In 2007, the company realized total business volume of $21.8 billion (17.5 billion euros), with a profit of 7.1 billion yuan.

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)

For full details on Axa ADS (AXA) click here. Axa ADS (AXA) has Short Term PowerRatings of 6. Details on Axa ADS (AXA) Short Term PowerRatings is available at This Link.

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