The Philippine Competition Commission cleared Axa's pending acquisition of XL Group Ltd.
The antitrust body also imposed a fine of 123,861.86 Philippine pesos for the late filing of notification about the transaction.
Under Philippine law, merging firms must file a notification within 30 days of executing a definitive agreement. The antitrust body said Axa and XL filed their notification June 25, months after the transaction was signed.
As of Sept. 4, US$1 was equivalent to 53.68 Philippine pesos.