AXA Asia Pacific Holdings announces the sale of AXA Life Taiwan to AEGON Life Insurance (Taiwan) Inc.

AXA Asia Pacific Holdings Limited (AXA APH) today announced that it will sell AXA Life Taiwan to AEGON Life Insurance (Taiwan) Inc. The sale is expected to be completed before the end of the year and will be subject to regulatory approval in Taiwan.

“This divestment is consistent with AXA Asia Pacific’s strategy in the region to concentrate on those markets where the company is able to achieve a leading position within a reasonable time frame”, according to Les Owen, AXA APH Group Chief Executive.

“We currently have a market share in Taiwan of less than 0.25 per cent and to achieve a market leading position over the next few years, whether by acquisition or through organic growth, would require a very large investment of both capital and management time. We do not think this would be justified bearing in mind our other priorities”.

“We remain committed to the Asia Pacific region. We have a very strong position in Hong Kong, and are committed to growing our operations in the other Asian markets in which we operate. In addition, we are in discussions with our partner, AFFIN Bank, regarding entry to the Malaysian market”, said Les Owen.

The investment in AXA Life Taiwan is held in the assets of AXA APH’s wholly owned subsidiary, The National Mutual Life Association of Australasia Limited. As a result of this transaction a writedown of approximately $26 million (net of tax) will be recorded in the six month period ended 30 September 2001.






Enquiries:

Robin Burns General Manager, Corporate Affairs
(03) 9616 3631
0413 085 443


Francine McMullen Manager, Corporate Affairs
(03) 9618 4985
0412 223 485

For more information, contact:

Robin Burns
General Manager Corporate Affairs
Telephone: (03) 9616 3631


Francine McMullen Manager, Corporate Affairs
(03) 9618 4985
0412 223 485