FAQs on the AXA-CPAIC merger

What is a merger?
A merger is a transaction in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. Simply put, a merger is a combination of two companies into one.

What is the AXA-CPAIC merger all about?
In 2016, AXA Philippines acquired Charter Ping An Insurance Corporation (CPAIC), one of the top five1 non-life insurance companies in the country. Since then, the process of completing the integration has been ongoing to become one of the very first major insurers in the Philippines to offer both life and non-life products under one roof, so you only need to trust one partner for all your insurance needs. Since then, CPAIC has been officially operating under the AXA brand. The merger is the last step on the journey towards fulfilling both companies’ vision to become a one-stop shop for all your insurance needs.

Is this merger already official and complete?
Yes. Approval from the Securities and Exchange Commission (SEC) has been received on December 29, 2022 with an effective date of December 28, 2022.

With the merger approved by the SEC, AXA Philippines and CPAIC is now a single corporation. Registration with other regulatory agencies such as the BIR, SSS, and Pag-Ibig are being updated to recognize AXA Philippines and CPAIC as a merged entity with AXA as the surviving entity and CPAIC as the absorbed entity. With AXA being the surviving corporation, it assumes all of CPAIC’s assets, liabilities, rights and obligations.

What prompted this merger?
The merger was prompted by a shared vision between AXA and CPAIC to give our customers better access to insurance and protection to safeguard everything that matters to them. Whether it’s life, health, or assets, our complete suite of insurance products is designed to address your needs.

I have an insurance policy under CPAIC and with its merger with AXA Philippines, the surviving entity, what should I expect?
Customers of CPAIC can expect the same exceptional level of service under AXA.

We are converting CPAIC branches to become AXA branches that can serve both life and general insurance customers and this transition will continue in the future. Some of our agents are also licensed to sell both life and non-life insurance products.

What happens to the insurance policies under AXA or CPAIC?
All policies under either AXA Philippines or CPAIC which were existing prior to approval by the SEC of the merger shall remain valid and subsisting (in accordance with such policy’s relevant terms and conditions). Your insurance policy with us will still be active and in-force and will not be affected by this merger.

With the SEC’s approval of the merger, all insurance policies either under AXA Philippines or CPAIC purchased before and after the merger will be honored and now serviced by the surviving entity, which is AXA Philippines.

How does this merger benefit AXA’s customer base?
This merger makes it easier and more convenient for our customers to protect what matters in their lives as they would need to go to only one insurance company for any kind of insurance product they would need, whether it’s life insurance, a health plan, a car insurance, or financial protection for their business or home.

What is a composite license, and why is it important that AXA has it?
A composite license awarded to an insurance company authorizes it to offer both non-life and life insurance simultaneously. Non-life insurance products include car insurance, home insurance, business insurance, etc. whereas life insurance pertains to products like health plans, savings and investment plans, and term-life insurance. The possession of a composite license enables AXA to offer a full range of insurance products and services to our policyholders who can then create security that will protect them, their families, their businesses, and their properties, such as vehicles and homes. In contrast, an insurance company that does not have a composite license can only give customers limited options, which can in turn compel them to go through the inconvenient process of purchasing various insurance policies from several insurance companies.

What products and services does AXA offer now?
We know how important it is to protect all that matters to you – and so now we would be able to provide customers with a full suite of insurance products: life, income protection, health, education, retirement and investment, home, auto, travel, marine and cargo, and commercial business. For more information, click on the ‘Products’ tab of this website.

Can I get a life insurance product in the general insurance branch and vice versa?
To help you protect all that matters to you, some of our distributors and/or agents are now equipped to offer and manage both life and general insurance products.

We are also continually expanding our scope to ensure that all our branches will soon be able to respond to the life and non-life needs of our customers.

I only have one policy under AXA Philippines and/or CPAIC. Given AXA’s planned composite license, how can I expand and increase my policies?  For example, I only have life insurance but given the new developments in AXA, I would like to have home security as well. How can AXA help me?
We would love to hear from you.  First, if you already have an existing policy and want to diversify or expand it, contact your insurance agent as he or she is your designated account manager who is tasked to take care of your requirement, and will be able to discuss with you all our other insurance offers, to ensure you are able to protect all that matters to you. You may also browse the ‘Products’ tab of this website to find details on our insurance products, as well as buy some of them directly from our website with no need for agent assistance.

You can also reach us through our customer service hotline (02) 8 5815-292  or email customer.service@axa.com.ph and through our Emma by AXA PH app. Download and register to the Emma by AXA PH app now so you can view your policies anytime, pay online, get free 24/7 access to Rescue Line, and more!

Will the AXA Philippines and/or CPAIC branches continue to service us?  What changes can we expect from them?
Your neighborly and familiar AXA branches will still remain near you to answer your queries and respond to your needs. What has changed and which you can see are improvements to give you better service. Our qualified, competent branch personnel, professional insurance agents, and branch managers are always ready to assist you. Transacting all these life and non-life products and services are quicker and efficient. In light of this merger, our CPAIC branches are being transformed into and will be AXA Branches, servicing both life and non-life insurance customers under one roof.

I am a CPAIC customer. Does this mean that the next time I pay my premium, the original receipt (OR) I will receive will be from AXA already?
Yes, the OR you will receive will be from AXA from hereon. However, please note that due to the transition as necessitated by this merger, there might be a two-week delay in the issuance of your OR. Please bear with us as we work on getting this delay resolved as soon as possible.

Will there be a change in my agent or distributor?
Your agent or distributor does not have to change due to this merger.

Are there other faster ways by which we can monitor the status of our policies?
At present, customers can view their life insurance policies on their Emma by AXA account, accessible via the app or website. Future improvements on the customer portal and mobile app include providing customer access to their non-life insurance policies.

I might have a difficult time visiting an AXA Branch to conduct my transactions or keep up with my payments. How can I make sure that this process is not disrupted and that my transactions are ongoing and protected?
AXA has leveraged on the power of the digital space to give you accessibility and updated information to your insurance policies. Through our app, Emma by AXA PH, you can - through a digital device like a smart phone - easily check the following: current account value, due payment dates, and other payment information.  You can also pay online from the comfort of your home or office. Emma by AXA PH also enables you to contact your financial partner or insurance agent should the need arise.

If I have questions about my policy, who do I contact? How will general insurance/non-life insurance customers reach customer service?
Both life and non-life insurance customers will only need to remember one customer care hotline: (02) 8 5815-292, one email address: customer.service@axa.com.ph and one website: www.axa.com.ph

Sources:
1Insurance Commission Performance of Non-Life Insurance Companies as of 2021