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Manila Bulletin devider devider AXA Philippines posts record growth in premium income

AXA Philippines posts record growth in premium income

Published Apr 19, 2018 12:00 am
AXA Philippines, one of the country’s leading insurance companies, reported that it posted a growth in Total Premium Income (TPI) of 22%, ending 2017 with more than P26 billion. Based on data from the Insurance Commission, AXA Philippines’ TPI growth is double the average industry growth of 11%. It also exceeded the combined growth of the top four insurance companies in the Philippines. “AXA’s impressive growth is very much a result of the continuous expansion of our distribution network across the country and the constant introduction of new solutions to address the evolving needs of our customers,” says Rahul Hora, AXA Philippines CEO. “We beefed up our suite of products to serve very specific markets: launching new ones like MyAmbition, Retire Smart, and Smart Traveller; and improving existing ones like Global Health Access and HealthMax. This year, we expect to ride on this robust growth trajectory as we move towards achieving market leadership.” Hora also attributes AXA’s success to the company’s commitment towards customer centricity and leveraging on technology to aid its distributors in reaching out to more customers. He says the overall improved economy also contributed to the rise in its 2017 figures. Its general insurance arm, Charter Ping An, outpaced the market growth rate of 17%, moving up to number three in the rankings from last year’s number four spot. AXA acquired Charter Ping An in 2016 and now offers products such as motor, business, and home protection, becoming the only insurance company in the country’s top five to provide both life and non-life coverage. In 2017, AXA Philippines introduced MyAmbition, the first single premium variable life plan for young professionals that can be completely availed online; Retire Smart, a regular premium variable life plan intended for disciplined fund build-up paid until retirement date; and Smart Traveller, the travel insurance that offers personal accident and medical coverage plus 24/7 helpline anywhere in the world. It also widened the scope of cover of Global Health Access to include hypertension and high cholesterol, and presented a more convenient way to pay for HealthMax via HealthMax 10-Pay.
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