Axa Asia Pacific has agreed to purchase MLC Hong Kong and MLC Indonesia from National Australia Bank (NAB) for $575 million.

Axa Group CEO Les Owen says the acquisition is an attractive opportunity to boost growth in the Asian region.

“Life insurance margins in Hong Kong are very attractive and, with high savings ratios there is considerable growth potential for life insurance, investment products and wealth management.”

He says the acquisition positions Axa as the second-largest Australian life insurer in terms of new business.