AXA Philippines, one of the country’s top insurance companies, reported that its first-half performance for 2018 has continued on the upward trajectory—driven by higher annualized premium equivalent (APE) and robust growth in total premium income (TPI).
Compared to the same period in 2017, total net income grew 35% to P1.3 billion on the back of new business and renewals.
APE continued its rise with a significant increase of 27% amounting to P3.8 billion, up from P3 billion from the same period last year. This surge is due to the growth in all sales channels, which is also brought about by higher average active distributor count compared to the same period last year, leading to 24% growth in average case count.
TPI also showed a stellar performance of 141%, attributable mainly from growth in new business sales and better persistency of renewal collections, compared to the combined first and second quarters of 2017. Regular premium income increased 25% year-on-year, while single premium income rose 58%.
Charter Ping An Insurance Corporation, AXA’s general insurance subsidiary, also ranked high in terms of net premium written among non-life insurance companies based on data released by the Insurance Commission. For 2017, Charter Ping An posted P4.08 billion in net premiums written.
The first half of 2018 saw the launch of AXA Shared Services Centre Philippines, one of two Asian hubs offering support to various AXA entities around the world. AXA also expanded its reach and distribution network by opening new branches in Cabanatuan, Cagayan De Oro, and Pagadian.
Recently, AXA introduced its newest offering Asset Master, a single-pay investment-linked insurance product that allows customers to build a diversified investment portfolio of local and global investments. AXA Philippines also bagged a silver award from the prestigious Efma-Accenture Innovation in Insurance Awards for MyAXA Café, an online insight community that provides secure, ongoing, and real-time feedback from customers as a tool to aid in business decisión-making.
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