The Principal Financial Group Completes AXA Hong Kong Pension Business Acquisition
September 01 2015 - 9:00AM
Business Wire
The Principal Financial Group, Inc. (NYSE:PFG) today announced
the acquisition of AXA’s Mandatory Provident Fund (MPF) and
Occupational Retirement Schemes Ordinance (ORSO) pension business
in Hong Kong is complete.
On Nov. 7, 2014, The Principal® announced a definitive agreement
to acquire AXA’s MPF and ORSO business in Hong Kong. The deal
includes an exclusive 15-year distribution agreement to provide
pension products through AXA’s extensive agency network in Hong
Kong.
With this acquisition, The Principal becomes the fifth largest
MPF provider in the market, increasing assets under management of
its Hong Kong pension business to more than US $6 billion. The
transaction is expected to be accretive to EPS and ROE in the first
full year.
“This acquisition further strengthens our position in one of the
most attractive emerging retirement and long-term savings markets
in the world,” said Dan Houston, president and CEO of The
Principal. “Between added scale and the exclusive distribution
agreement, we are well positioned to accelerate growth of our
mandatory and voluntary pension business in Hong Kong.”
According to Luis Valdes, president and CEO of Principal
International, “Making strategic acquisitions and establishing key
relationships with marquee partners has been a successful strategy
for us. Being able to extend our global pension, long-term savings,
and asset management expertise to more clients in Hong Kong is
another step toward strengthening our position in North Asia.”
About the Principal Financial GroupThe Principal
Financial Group® (The Principal®)1 is a global investment
management leader offering retirement services, insurance solutions
and asset management. The Principal offers businesses, individuals
and institutional clients a wide range of financial products and
services, including retirement, asset management and insurance
through its diverse family of financial services companies. Founded
in 1879 and a member of the FORTUNE 500®, the Principal Financial
Group has $539.9 billion in assets under management2 and serves
some 20.1 million customers worldwide from offices in Asia,
Australia, Europe, Latin America and the United States. Principal
Financial Group, Inc. is traded on the New York Stock Exchange
under the ticker symbol PFG. For more information, visit
www.principal.com.
About The AXA GroupThe AXA Group is a worldwide leader in
insurance and asset management, with 161,000 employees serving 103
million clients in 59 countries. In 2014, IFRS revenues amounted to
Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion.
AXA had Euro 1,277 billion in assets under management as of
December 31, 2014.
The AXA ordinary share is listed on compartment A of Euronext
Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS
FP – Reuters: AXAF.PA). AXA’s American Depository Share is also
quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes,
such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme’s
Finance Initiative (UNEP FI) Principles for Sustainable Insurance
and a signatory of the UN Principles for Responsible
Investment.
1 “The Principal Financial Group” and “The Principal” are
registered service marks of Principal Financial Services, Inc., a
member of the Principal Financial Group.2 As of June 30, 2015.
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version on businesswire.com: http://www.businesswire.com/news/home/20150901005214/en/
Principal Financial Group, Inc.Media Contact:Adam Lackey,
515-362-0482lackey.adam@principal.comorInvestor Contact:John Egan,
515-235-9500egan.john@principal.com
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