Axa AP to pay NAB $425 million for Asian insurance arms

Axa Asia Pacific, the Australian arm of Europe's second-largest insurer, announced yesterday (February 21) that it is to acquire National Australia BankÆs insurance units in Hong Kong and Indonesia for A$575 million ($425 million) in a bid to accelerate growth in Asia. Axa Asia chief executive, Les Owen says the purchase of MLC Hong Kong and MLC Indonesia is, "a strategically attractive opportunity to accelerate our growth in the Asian region."Life insurance margins in Hong Kong are v…