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

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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.