French insurance group AXA announced that it has completed the acquisition of the remaining 50% stake in Chinese insurer AXA Tianping Property & Casualty Insurance Company Ltd from its domestic shareholders, becoming the largest 100% foreign-owned P&C insurer in local market.

Total cash consideration for the acquisition of the 50% stake amounted to RMB 4.6 billion (or EUR 590 million).

"The completion of the transaction follows the fulfilment of customary closing conditions, including the receipt of regulatory approvals. AXA Tianping will be fully consolidated in AXA Group's financial statements from the date of closing of this transaction", as the French group informed in a statement.