Category: AXA Philippines

AXA reports growth across business lines

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AXA, global leader in insurance, recently released its first quarter 2015 Activity Indicators report as of May 6, 2015, highlighting a total revenue increase of 2% in a comparable basis, 10% on a reported basis growth from €28.5 billion to €31.5 billion across its business lines in Life & Savings, Property & Casualty, and Asset Management.

In the first quarter of 2015, Life & Savings revenue increased 2% to €17.5 billion from last year’s €15.8 billion. New Business Annual Premium Equivalent (APE) was also up 4% on a comparable basis, 14% on a reported basis to €1.9 billion, the difference resulting from strengthening of major currencies against the Euro. This 4% increase was mainly driven by the strong sales and new product launches for Protection & Health in Southeast Asia (including the Philippines), India and China.

Likewise, New Business Value (NBV) increased 1% to €0.6 billion. In high growth markets, APE increased by 33%, mainly due to Southeast Asia, India, China and Hong Kong. Meanwhile, Unit-Linked APE was also was up 2% due to the exceptional sale of several large contracts and the carryover of accelerated sales in anticipation of January 1, 2015 regulatory changes in Southeast Asia, India, China and Hong Kong.

Property & Casualty (or non-life insurance) revenues went up 2% from €10.4 billion to €11.4 billion, which was mainly driven by growth in both commercial and personal lines.

Asset management revenues were up 7% on a comparable basis, and up 23% on a reported basis, the difference resulting from the strengthening of major currencies against the Euro. The 7% increase was mainly driven by growth at both AXA Investment Managers (AXA IM) and Alliance Bernstein (AB), due to higher management fees as a result of higher average assets under management.

Assets under management were at €1.2 trillion, up 13% from FY14 mainly driven by a favorable forex impact, market appreciation, as well as positive net flows at both AXA IM and AB. Average assets under management were at Euro €1.1 trillion, up 9% vs. 1Q14.

“In Life & Savings, we maintained a good momentum in new business volume growth with sustained high margins and increased net inflows. Our Property & Casualty revenues continued to grow, benefitting from both a strong performance in high growth markets and our leadership positions in mature markets. In Asset Management, we marked the tenth consecutive quarter of positive flows, highlighting the strength and consistent delivery of our asset managers,” said Denis Duverne, Deputy Executive Officer of AXA Group.

“After this strong first quarter, we remain well positioned to successfully conclude our Ambition AXA plan in 2015. The strength of our balance sheet is once again illustrated by the resilience of our Economic Solvency ratio, in the context of historically low interest rates and high implied interest rate volatility,” Duverne adds.

“We continue our digital transformation, including investments in promising financial technology start-ups and through leveraging digital tools and connected devices, to better protect our clients. We remain committed to transform the company to become increasingly customer centric, thus creating lasting value for all our stakeholders,” he concludes.

AXA Philippines: Strong First Quarter

The phenomenal growth story is no different in the Philippines. AXA Philippines continues to be one of the largest and fastest growing life insurance companies in the country with its Q1 performance.

AXA’s first quarter sales or APE reached over P1 billion, a 36% increase from P829 million from the same period last year. Moreover, Gross Written Premiums amounted to P5.6 billion, a 60% increase from P3.5 billion in 2014. Majority of Gross Written Premiums were from single premium policies (accounting for 69%), an indicator of strong investor confidence capitalizing on the country’s bullish market performance in Q1.

While sales from regular premiums accounted for only 28% of total premiums, it grew by 23% compared to the same period last year, primarily due to the growth in sales of its new health insurance products launched in 2014, as well as the consistent growth of its investment-linked offers. Majority of AXA’ sales came from its bancassurance channel (68%) where its insurance products are sold through the nationwide network of Metrobank and PSBank branches. The traditional agency sales channel continued to grow its business, now contributing 32% of total new business sales.

Lastly, AXA’s total funds under management also increased by 29% to P72 billion, coming from P56 billion in Q1 2014.

“AXA’s Q1 exceptional performance at the global level and regional Asia level is not different from our bullish performance in the first quarter,” shares Rien Hermans, President & CEO of AXA Philippines. “We aim to keep the momentum of our strong first quarter performance into the rest of 2015, with major initiatives planned that will certainly redefine the way we do business.”

“We are proud to say that AXA Philippines intends to be a major contributor to the AXA business in Southeast Asia, across Asia, and across the Group’s business worldwide,” he concludes.

AXA continues growth globally and in the Philippines

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AXA, global leader in insurance, reported strong business performance in its global operations with total revenues up 3% to €92 billion, underlying earnings up 8% to €5.1 billion, adjusted earnings up 7% to €5.5 billion, and net income up by 12% to €5.0 billion.

“AXA has delivered another year of earnings growth in all business lines, with underlying earnings crossing the €5 billion mark for the first time in the company’s history” said Henri de Castries, Chairman and CEO of AXA.

“In 2014, we recorded top line growth in all our businesses, maintained our discipline in writing profitable and capital efficient business and continued to pursue active asset liability management – all contributing to AXA’s strong and sustainable performance.”

AXA singled out its performance in high growth markets, where its annual premium equivalent (APE, a measure of revenue) grew by 14% mostly driven by Hong Kong and Southeast Asia, India & China. Specific to its Protection & Health business, APE was up 3%, driven by Southeast Asia, India & China as well as France (mainly stemming from Group business), Hong Kong and Mexico.

Moreover, in the Life & Savings business, new business value (NBV) for Hong Kong, South East Asia, India & China also grew 14%. The Asia business now accounts for 24% of the total AXA Group NBV, and is now the largest contributor to the global business.

AXA also expanded its reach and coverage worldwide in 2014, reporting a total of 103 million customers from 59 countries, an increase from 102 million and 56 countries the prior year.

The growth story is no different for AXA Philippines. With a reported P18.35 billion in total premium income, the local entity, a joint venture between the global AXA Group and the Metrobank Group, saw an increase in market share to 11.6% in 2014 coming from 10.7% in 2013. In a recent report, the Insurance Commission placed AXA Philippines as the second largest life insurance company in the Philippines in terms of total premium income, rising up the rankings from its number three position in 2013.

Total sales or APE also increased by 16% to P4 billion from P3.6 billion the previous year, while total assets also grew by 26% to P66 billion from P52 billion in 2013.

The launch of three new health products in the first quarter, as well as the launch of new offshore investment funds in Q3 helped create sales momentum for the life insurer. The year 2014 also marked the official partnership between AXA and PSBank, allowing AXA Financial Specialists access to the broad market of PSBank clients nationwide through their branches.

Also, as an innovator in the local life insurance industry, AXA launched the country’s first online life insurance store called AXA ION or AXA Insurance Online. With AXA ION (www.axaion.com.ph), Filipinos here and abroad can purchase savings, education, health, and life insurance plans on their own in just a few easy steps.

To date, AXA Philippines covers 631,600 lives and has over 2,100 exclusive agents across 30 branches in key cities nationwide, and 500 financial executives servicing 750 Metrobank and PSBank branches across the country.

Wife of OFW wins brand new car in AXA’s “Drive Your Way to Health” raffle promo

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Awarding the ceremonial key to Ghina Aquino (center) is Rahul Hora, Chief Agency Officer of AXA Philippines (3rd from left). Also present in the photo are (L-R): Augusto Visda, Agency Sales Director of AXA Philippines; Maylene Dayrit, Branch Head of AXA Philippines (Abundant Life Branch); Myra Lyn Solano, Unit Head of AXA Philippines (Abundant Life Branch); Roland Tibay, Financial Advisor of AXA Philippines.

AXA Philippines, one of the country’s largest and fastest growing life insurance companies, recently announced the winner of its “Drive Your Way to Health” raffle promo. Ghina V. Aquino, the wife of an OFW seaman and a resident of Baguio, won a brand new Peugot 3008 1.6 eHDi Active Crossover, valued at nearly P1.6 million. She was the lone winner from nearly 11,000 participants nationwide. Ghina shares, “This is such a blessing. I simply opened an AXA insurance policy to start an investment and start saving for the future. I never expected to win and to take home a brand new car.”

Rien Hermans, President & CEO of AXA Philippines, says “More and more Filipinos are seeing the value of insurance in preparing for their financial future. AXA gives customers what they need to secure their future in terms of health and finances.”

Wife of OFW wins brand new car in AXA’s “Drive Your Way to Health” raffle promo

PRNEWS Leave a comment

Awarding the ceremonial key to Ghina Aquino (center) is Rahul Hora, Chief Agency Officer of AXA Philippines (3rd from left). Also present in the photo are (L-R): Augusto Visda, Agency Sales Director of AXA Philippines; Maylene Dayrit, Branch Head of AXA Philippines (Abundant Life Branch); Myra Lyn Solano, Unit Head of AXA Philippines (Abundant Life Branch); Roland Tibay, Financial Advisor of AXA Philippines.

AXA Philippines, one of the country’s largest and fastest growing life insurance companies, recently announced the winner of its “Drive Your Way to Health” raffle promo. Ghina V. Aquino, the wife of an OFW seaman and a resident of Baguio, won a brand new Peugot 3008 1.6 eHDi Active Crossover, valued at nearly P1.6 million. She was the lone winner from nearly 11,000 participants nationwide. Ghina shares, “This is such a blessing. I simply opened an AXA insurance policy to start an investment and start saving for the future. I never expected to win and to take home a brand new car.”

Rien Hermans, President & CEO of AXA Philippines, says “More and more Filipinos are seeing the value of insurance in preparing for their financial future. AXA gives customers what they need to secure their future in terms of health and finances.”

PSBank and AXA seals bancassurance partnership

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PSBank President Vicente R. Cuna Jr. and AXA President Rien Hermans seal the bancassurance partnership with a handshake after signing the agreement at the GT Tower Penthouse. Flanking them are AXA Chief Bancassurance Officer Marie Raymundo and PSBank EVP Jose Vicente L. Alde

PSBank, the thrift bank arm of Metrobank Group, recently signed a memorandum of agreement with AXA Philippines for a bancassurance partnership.

The exclusive alliance will provide PSBank customers with convenience and easier access to AXA’s wide range of insurance products through the Bank’s extensive branch network.

“We are very optimistic about our partnership with AXA Philippines because we share the same vision and customer-centric approach in offering affordable financial solutions to our clients,” said PSBank President Vicente Cuna Jr.

“We have been looking at this opportunity for quite some time,” said AXA Philippines President and CEO Rien Hermans. “The awareness for the need for insurance in the country is becoming more and more widespread. Being present in PSBank allows us to bring financial protection to a much larger group of the Filipino population.”

Starting June 16, PSBank clients looking for insurance solutions will be referred to AXA representatives in PSBank’s 123 branches in Metro Manila. This is also expected to be offered to its provincial branches within the year to cater to more clients.

With AXA’s line of personalized, easy-to-understand, and affordable insurance products, PSBank customers can now enjoy a more well-rounded suite of products and services – from deposits and loan products, to income protection, health insurance, and educational plans – to prepare for a more financially secure future.

“This partnership allows us to advocate financial wellness to our clients as we offer them suitable alternatives to save and grow their finances. We know that they work hard to earn their money and we also know that the financial security of their family is very important to them,” added Cuna Jr.

“What is critical in this partnership is that we find a way to fit our products and solutions with those of PSBank, so that it comes very naturally. PSBank clients can then expect the same proposition from AXA as they do with PSBank – solutions that are always simple and always delivering quality that matches their needs,” concluded Hermans.

PSBank and AXA Philippines are institutions under the Metrobank financial conglomerate. AXA Philippines is a joint venture between Metrobank and AXA Group, one of the world’s largest insurance and asset management companies with 157,000 employees serving 102 million customers in 57 countries.

PSBank has expanded its network coverage to over 200 branches and over 500 ATMs nationwide, and strives to consistently make banking simple, fast and convenient for its customers. AXA Philippines is one of the largest and fastest growing life insurance companies in the country, currently among the top three life insurance companies in the market (in terms of total premium income), serving over 500,000 clients.