AXA says gets approval for Taikang Life stake sale

11th March 2011, Comments 0 comments

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

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