| 1869 – Establishment of a mutual company in Australia
The National Mutual Life Association of Australia Limited was formed in Melbourne. John Montgomery Templeton, the company’s founder, developed a revolutionary approach to insurance, treating both old and new policyholders as equals. At a time when coverage and benefits depended mainly on how long policyholders had been doing business with their insurer, this new way of doing things caught on quickly. In the space of ten years National Mutual had opened offices across the country.
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| 1880 – Entry into New Zealand
In May 1880, a branch office was opened in Wellington, New Zealand.
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| 1964 – Inauguration of 447 Collins St building
Sir Robert Menzies, then Prime Minister of Australia, inaugurated the building at 447 Collins Street in Melbourne. |
 | 1980 – Acquisition of Commercial Union
Acquired Australian and New Zealand life insurance business of Commercial Union
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| 1983 – Merger of mutual companies
Merger of National Mutual and Temperance & General Mutual Life Society, bringing together two major Australasian life offices. |
| 1986 – Entry into Asia
Acquired Sentry’s life insurance company in Hong Kong for A$58 million. The business was renamed National Mutual Asia.
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| 1991 – Acquisition of health insurance business
National Mutual Health was formed in 1991 by the acquisition of Mutual Community Limited. National Mutual Health traded as HBA in Victoria, Mutual Community in South Australia, and as National Mutual Health elsewhere in Australia and New Zealand.
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| 1992 – Focus on regional markets
The company’s strategy was redeveloped by selling the bank and equity interests in a number of unrelated businesses and refocussing on regional markets.
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| 1992 – Listing of National Mutual Asia on the Hong Kong Stock Exchange
In December 1992, National Mutual Asia listed on the Hong Kong Stock Exchange with a market capitalisation of HK$4.1 billion (A$777 million).
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| 1993 – Entry into Indonesia
In 1993 National Mutual established a new insurance company in Indonesia, PT Tempo National Mutual Life. The business is a joint venture with the Tempo Group, one of Indonesia’s most successful and well-established manufacturing and services companies. Originally acquiring 65% in the business, AXA Asia Pacific’s interest is now 80%.
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| 1995 – Demutualisation and acquisition by AXA SA
In August 1995, the members of National Mutual Life voted in favour of demutualising and reorganising the company. A key feature of this was the $1.1 billion investment by AXA SA to acquire a 51% interest in National Mutual.
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| 1995 – Entry into Singapore
As part of the demutualisation National Mutual acquired a small Hong Kong business, with a well-established branch in Singapore.
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| 1996 – Stock exchange listings
In October 1996, National Mutual Holdings listed on the Australian and NZ Stock Exchanges. At listing, National Mutual had 503,384 shareholders (previously only policyholders in National Mutual Life) and a market value of $2.5 billion.
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| 1997 – Entry into Thailand
The Thai insurance market was closed to new licences until 1995. National Mutual and its joint venture partner Krung Thai Bank (the country’s largest government bank) were awarded a life insurance business licence in late 1997, with operations commencing in 1998. AXA APH has a 50% interest in Krungthai AXA Life.
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| 1998 – Entry into the Philippines
In December 1998, National Mutual formed a joint venture with the Metrobank Group, the Philippines’ largest financial conglomerate to create Philippine AXA Life. AXA APH has a 45% interest in Philippine AXA Life.
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| 1999 – Rebranding to AXA
Reflecting its position in the Global AXA Group, National Mutual Holdings changed its name to AXA Asia Pacific Holdings. The various operating businesses were also rebranded to AXA.
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| 1999 – Entry into China
AXA-Minmetals Assurance, a joint venture between AXA APH (25%), AXA SA (26%) and China Minmetals (49%) opened its first branch office in Shanghai, China.
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| 1999 – Buy-out of minority interests of AXA China Region
In December 1999, AXA APH successfully acquired the minority interests of AXA China Region (previously National Mutual Asia).
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| 2000 – Alliance Capital joint venture
In October 2000, AXA APH and Alliance Capital Management (US) combined strengths to form two joint ventures: Alliance Capital Australia and Alliance Capital New Zealand, both asset management companies.
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| 2001 – Acquisition of Sterling Grace
In October 2001, AXA APH purchased Sterling Grace Portfolio Management Group, which operated Spicers in New Zealand and Monitor Money in Australia. Spicers / Monitor Money is an integrated retail portfolio management group focussing on distribution via financial advisers.
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| 2002 – Sale of health insurance business
In 2002, AXA APH sold its health insurance business for $595 million.
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| 2002 – Acquisition of ipac
In July 2002, AXA APH acquired ipac Securities Limited in line with the company’s strategy of growing in wealth management through acquisitions of financial advisory businesses. ipac is one of the most respected and leading wealth management advisory businesses in Australia.
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| 2003 – Expansion in China
AXA-Minmetals opened its second branch office in Guangzhou
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| 2003 – Expansion in Indonesia
Formation of bancassurance joint venture with Bank Mandiri, the largest Indonesian Bank. AXA APH has a 51% interest in AXA Mandiri Financial Services.
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| 2005 – Further expansion in China
AXA-Minmetals opened its third branch in Beijing in March 2005 and also started selling group business.
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| 2005 – Awarded ‘Fund Manager of the Year’
AXA APH’s asset management joint venture, AllianceBernstein, was awarded Money Management’s 2005 overall ‘Fund Manager of the Year’ and ‘International Equity Fund Manager of the Year’ and AXA was named ‘Mortgage Fund Manager of the Year’.
2006 – Acquisition of the Bank of New Zealand Investment Management
In January 2006, AXA Asia Pacific acquired BNZ Investment Management Limited (since renamed Assure Funds Management) providing an exclusive distribution channel through the bank’s branches.
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| 2006 – Acquisition of MLC Hong Kong and MLC Indonesia
In February 2006, AXA APH acquired MLC Hong Kong and MLC Indonesia from the National Australia Bank for $566 million, consistent with the company’s strategy of accelerating growth in Asia.
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| 2006 – Entry into India
Bharti AXA Life, a joint venture between AXA APH (26%) and Bharti Enterprises (74%), was launched in August 2006 with the opening of the first branch office in Hyderabad. We have since opened additional branch offices in Mumbai, Delhi, Kolkata, Chennai and Bangalore.
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| 2006 – Entry into Malaysia
Our Malyasia joint venture partnership with Affin Holdings received final regulatory approval on 30 June 2006. AXA APH has a 49% interest.
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| 2006 – Acquired 100% ownership of Tynan Mackenzie
In September 2006, AXA APH acquired the remaining 67% of Tynan Mackenzie that we did not already own. Tynan Mackenzie is a market leading advice business with a similar advice model to ipac.
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| 2006 – Proposed acquisition of Winterthur Life (Hong Kong)
In December 2006, AXA APH announced the proposed acquisition of Winterthur Life Hong Kong Limited, a fast growing business utilising a variety of distribution channels with a strong presence in the high growth unit-linked segment of the market.
2007 – Awarded Fund Manager of the Year
AXA Asia Pacific’s asset management joint venture, Alliance Bernstein, was awarded Morningstar’s 2006 ‘Fund Manager of the Year’, ‘International Equity Manager of the Year’ and ‘Most improved Australian Fund Manager of the Year’.
2007 - Awarded Life Insurance Company of the Year 2006
AXA Asia Pacific was awarded the inaugural Platinum Award – Life Insurance Company of the Year 2006 by Plan for Life and the Association of Financial Advisers (AFA). |
