SINGAPORE - Insurance group AXA has announced that its general and life insurance businesses have been merged into a single entity under AXA Insurance Pte Ltd.

The conssolidation was carried out through a scheme of transfer which was licensed and approved by the Monetary Authority of Singapore and the High Court, the company said in a release issued on Tuesday.

AXA Insurance Singapore transferred its business to AXA Life Insurance Singapore Private Limited from Jan 1, 2017, with the single entity being granted a composite insurance license which will provide customers with greater convenience to access a full range of integrated general and life insurance solutions.

There will be no change to the obligations and services due to them as a result of this consolidation. Policy benefits will also be honoured and remain in force as per existing terms and expiry date, the company said.

"The consolidation of both classes of business into a single insurer will allow us to have a more comprehensive picture of our customers' insurance needs and better service their general insurance and life insurance needs," said Doina Palici-Chehab, chief executive officer (CEO) of AXA Insurance.

AXA has more than a quarter of a million customers in Singapore, from individuals to established businesses.