French insurer AXA has completed the acquisition of Genworth Lifestyle Protection Insurance (Genworth LPI) for €465m ($506.2m)

AXA described the acquisition as "a key milestone" for AXA to emerge as a European leader in credit and lifestyle protection, a business currently managed by AXA Creditor.

AXA Creditor and Genworth LPI operations will represent an important pillar of AXA Partners, which has been launched earlier this year to develop and accelerate global partnership business.

Genworth’s LPI business covers a range of products where a consumer is making a financial commitment, for example through taking out a car loan, a mortgage or a credit card. These credit-linked products protect customers when they cannot meet repayments on specific financial commitments. Therefore Genworth’s LPI business cover illness, accident, unemployment, disability and death.

Its portfolio also includes a range of standalone insurance propositions. Standalone offerings provide security in areas such as income protection, GAP (Guaranteed Asset Protection) and cancer protection.

Headquartered in London, Genworth is a major provider of lifestyle protection across Europe, Latin America and Asia Pacific.