Axa’s Chinese Venture With ICBC Going Well, De Castries Says

Axa SA (CS)’s Chinese life-insurance partnership with Industrial & Commercial Bank of China Ltd. is going well, said Chief Executive Officer Henri de Castries.

The Paris-based insurer’s first-half revenue from the operation is increasing six-fold from a year before, he said.

“This is the right choice,” de Castries said at a presentation near Bordeaux today. “It’s growing very fast.”

Axa, Europe’s second-largest insurer, last year created a partnership in China in which ICBC owns 60 percent.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net;

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