Despite entering an agreement last month, Axa Asia Pacific Holdings (APH) has decided not to buy the Japanese operations of global insurer Winterthur Group.

But the company says it will review an opportunity to acquire Winterthur’s other Asian life insurance assets in Hong Kong, Taiwan and Indonesia. The review is expected to begin in September.

Axa APH’s French parent, Axa SA, announced in June it had agreed to acquire Winterthur, which has operations in Europe, Asia and the US, from Swiss bank Credit Suisse Group for €7.9 billion ($13.45 billion).

“The board of Axa APH has considered the position and concluded that it wouldn’t be in the interests of the company to acquire the Japanese operations of Winterthur and has, accordingly, informed Axa SA of this,” Axa APH said in a statement.

“Axa APH will be reviewing the opportunity to acquire Winterthur’s other Asian life insurance assets.”