Acquisition will help AXA expand its footprint in Far East while QBE snaffles Argentina business

HSBC

AXA and QBE made a statement of intent today to expand in emerging markets with the acquisition of HSBC Insurance.

AXA is paying $494m (£314m) for the assets in Hong Kong, Singapore, India and Indonesia, and the general insurance products distributed by HSBC in Mexico.

QBE is paying $420m for the business in Argentina.

The acquisition will help AXA achieve its growth targets in emerging markets by 2015. AXA aims to triple revenues and double underlying earnings under a plan revealed last summer.

 

 

 

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