Taiwan’s Financial Supervisory Commission (FSC) has rejected an application by AXA group to enter the Taiwanese life insurance market.
According to the Taipei Times, the rejection is a result of concerns over AXA’s ‘long term commitment’ to the Taiwanese market.
It is reported that AXA applied to make its third entry attempt in January, and had up a preparatory office in Taipei with a staff of 30.
Responding to the media report, a spokeswoman for AXA Group said as part of its overall strategy in Asia, AXA has identified Taiwan as a market to further develop its franchise in Asia.
She said: “AXA wishes to reiterate its desire to establish a life insurance branch in Taiwan in 2012 and to address the specific concerns raised by FSC.”
AXA Asia CEO Mike Bishop said: “At a time of global market uncertainty and with some other foreign players having left the Taiwan market, AXA is planning to bring the first foreign investment to the Taiwan insurance industry since the beginning of the financial crisis.”