AXA says gets approval for Taikang Life stake sale
French insurer AXA said Friday it had received the main regulatory approval for the sale of its 15.6 percent stake in China's fourth largest life insurer, Taikang Life, for $1.2 billion (0.9 billion euros).
AXA said the China Insurance Regulatory Commission had approved the sale of the stake to to a consortium of new and existing shareholders.
"This transaction is expected to generate a positive impact of (approximately) euro 0.8 billion in net income and reduce debt gearing by one point in the first half of 2011," AXA said in a statement.
It said other CIRC approvals were still necessary before the transaction could be completed.
© 2011 AFP