Category: Metrobank Group

AXA continues growth globally and in the Philippines

PRNEWS Admin Leave a comment

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.

PSBank posted P 2.3 Billion Net Income in 2014

PRNEWS Admin Leave a comment

Philippine Savings Bank, the thrift-bank arm of the Metrobank Group, reported a net income of P2.3 billion for 2014, lower than the previous year by 21%. Unlike in 2014, the Bank’s 2013 net income had one-off extraordinary income from the sale of investment portfolio which took advantage of market opportunities at that time. However, the Bank’s core margins grew by 15% year-on-year owing largely to the continued aggressive growth in its consumer loan portfolio, mostly coming from Auto and Mortgage loans.

“Our continuing focus on core asset expansion is giving us good results. The increase in our net interest income and fee-based revenues are very solid indicators of sustainability and quality growth. Our retail lending business led by auto and mortgage loans, supported by an increasing deposit customer base, provides a good foundation for core-growth in the coming years,” PSBank President Vicente R. Cuna Jr. said.

PSBank’s 2014 capital base stood at P17.7 billion with a Total Capital Adequacy Ratio and Tier 1 ratio of 19.6% and 13.3%, respectively. Return on capital was at 13.6%. Asset quality indicators improved with Net Non-Performing Loan (NPL) ratio at 0.5% and NPL coverage of 98.2%. The improvement in delinquency is attributable to a combination of enhancements in the bank’s lending processes, collections and credit risk management tools. PSBank’s total resources further expanded to close strong by end-2014 at P 145.6 Billion.

In 2014, PSBank launched the PSBank Money Market Fund product, the Online Mobile App for the tech-savvy customers and the PSBank Live Chat, the first real-time chat service in the Philippine banking industry. PSBank was also recognized by The Asian Banker magazine as one of the Top Ten Strongest Banks in the Philippines for the fourth consecutive year. The Bank ranked the 5th strongest bank and is the only thrift bank in the top 5 list.

PSBank has 245 branches and 595 ATMs nationwide.

PSBank launches LiveChat

PRNEWS Leave a comment

PSBank, the thrift bank arm of the Metrobank Group, introduces PSBank LiveChat, the first real-time chat service in the local banking industry.

PSBank LiveChat enables existing and potential clients from here and abroad to interact with PSBank customer service assistants regarding inquiries on their deposits, loans, trust products, and other banking concerns. It can be accessed through www.psbank.com.ph.

“We are very excited to announce that we have added another dimension in addressing our clients’ inquiries and concerns beyond emails and phone calls – through online chat. This gives our technologically-savvy clients another option in getting instant answers to their banking questions real-time at their most convenient schedule,” PSBank Marketing Group Head/Senior Vice President Noel Tuazon said.

PSBank LiveChat provides users with a unique six-digit case number to allow customer service assistants to follow through clients’ concerns. This eliminates the need for lengthy follow-ups or clients having to repeat the same information on their next chat. With this new facility, PSBank LiveChat users do not have to undergo a lengthy registration process, exchange formal emails with the Bank, or travel to their home branch. Customers abroad will also find LiveChat as an affordable alternative to expensive phone calls.

“PSBank not only equates customer care with timely responses to inquiries. We also strive to give our clients friendly and genuine advice to help them make sound financial decisions through PSBank LiveChat. This enables us to reinforce our commitment to provide simple and reliable banking service to all our clients, 24/7,” added Mr. Tuazon.

PSBank launches LiveChat

PRNEWS Leave a comment

PSBank, the thrift bank arm of the Metrobank Group, introduces PSBank LiveChat, the first real-time chat service in the local banking industry.

PSBank LiveChat enables existing and potential clients from here and abroad to interact with PSBank customer service assistants regarding inquiries on their deposits, loans, trust products, and other banking concerns. It can be accessed through www.psbank.com.ph.

“We are very excited to announce that we have added another dimension in addressing our clients’ inquiries and concerns beyond emails and phone calls – through online chat. This gives our technologically-savvy clients another option in getting instant answers to their banking questions real-time at their most convenient schedule,” PSBank Marketing Group Head/Senior Vice President Noel Tuazon said.

PSBank LiveChat provides users with a unique six-digit case number to allow customer service assistants to follow through clients’ concerns. This eliminates the need for lengthy follow-ups or clients having to repeat the same information on their next chat. With this new facility, PSBank LiveChat users do not have to undergo a lengthy registration process, exchange formal emails with the Bank, or travel to their home branch. Customers abroad will also find LiveChat as an affordable alternative to expensive phone calls.

“PSBank not only equates customer care with timely responses to inquiries. We also strive to give our clients friendly and genuine advice to help them make sound financial decisions through PSBank LiveChat. This enables us to reinforce our commitment to provide simple and reliable banking service to all our clients, 24/7,” added Mr. Tuazon.

PSBank and AXA seals bancassurance partnership

PRNEWS Leave a comment

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.