MANILA - GT Capital Holdings Inc said on Wednesday the Securities and Exchange Commission has approved the merger between AXA Philippines and the joint venture of Metrobank Group, GT Capital, AXA Group and its former insurance subsidiary Charter Ping An Insurance Corp.

The SEC approved the merger effective Dec. 28, GT Capital said in a disclosure to the stock exchange.

"The approved merger is the final step in the years-long process that began when AXA Group and its former general insurance subsidiary Charter Ping An Insurance Corp," GT Capital said.

GT Capital said customers of Charter Ping An would not be affected by the merger and all current policies would remain valid and are active and in force. All other contracts entered into by Charte Ping An that have not expired also remain valid, it added.

“Since we offer different types of insurance that cater to the varied protection needs of our customers, it will be much more convenient for our customers to find solutions for their insurance needs under the single AXA brand," AXA Philippines President and CEO Bernardo Serrano Lopez said.

"Convenience has become a vital necessity. Merging life and non-life insurance under a single brand takes that convenience a big step further and becomes another means for us to be of service to our customers,” he added.

AXA Philippines acquired Charter Ping An Corp in 2016.

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