MANILA – The Philippine Competition Commission on Tuesday said it approved the merger of insurance firms AXA and XL Group and fined the companies for not notifying it on time. AXA’s subsidiary Camelot Holdings is acquiring the XL Group, with the latter becoming a wholly-owned subsidiary of AXA. The AXA-XL Group merger is the first case to be fined for late filing of the compulsory notification, the PCC said. The PCC said it should have been notified on or before April 4 or within 30 days from the signing of the merger agreement on March 5. The firms notified the PCC on June 25, 112 days after the deal was signed, the antitrust body said. AXA primarily handles life insurances, while XL Group’s market is mainly non-life insurance, the PCC noted.