NABs plans for AXA rejected by ACCC

The ACCC today has decided to reject National Australia Bank’s (NAB) undertakings of AXA Asia Pacific Holdings Ltd (AXA).

After NAB’s purchase of Aviva, the life insurance industry and key stakeholders had voiced concern over competition constraints should the venture go ahead.

The ACCC announcement is good news for the life insurance industry and Australian consumers alike. Maintaining industry competition will help ensure life insurance premiums remain competitive and innovation in the life insurance industry remains high.

Related Links: Aviva Insurance, AXA Insurance, Life Insurance Companies