Axa Group Inc. announced it has reached an agreement with Kyobo Life Insurance Co. to acquire its 75% stake in Kyobo Auto.
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Kyobo Auto is the largest provider of direct motor insurance in the South Korean market with more than 800,000 clients and $366.97 million in revenue and a market share above 30%.
Philippe Donnet, the head of Axa's Asia Pacific region, said in a press release issued last week that the acquisition is an opportunity to enter as the leader in the South Korean direct property and casualty market.
Following this acquisition, the Axa Group, of Paris, will serve over 2 million clients through its direct distribution property and casualty operations. The transaction is subject to local regulatory approval.
