AXA PHILIPPINES Life and General Insurance Corp. is aiming to double its premium income by 2028 as it looks to launch new products and form more partnerships.
“We’re targeting to grow the AXA Philippines business to double until 2028. That was actually a plan from last year. So, it’s a five-year plan,” AXA Philippines Critical Illness & Health Product Category Head Antonio S. Castillo told BusinessWorld on the sidelines of an event on Tuesday.
“If that’s going to be the case, I think the business should actually be growing at least 15% year on year to achieve that,” Mr. Castillo said.
AXA Philippines’ premium income grew by about 14% year on year in 2024, he said. In 2023, it booked a premium income of P21.76 billion, ranking fifth among life insurers, according to Insurance Commission (IC) data based on firms’ submitted annual statements.
Mr. Castillo said the company will improve its product line by updating benefits and introducing plans that cater to new segments.
“AXA is very strong when it comes to retail products, but we don’t really launch anything big when it comes to corporates. That’s also something that we’re going to be focusing on starting this 2025,” he said.
He added that AXA Philippines is looking to launch a product related to employee benefits, as 90% of health maintenance organization policies are sponsored by employers.
The company is likewise looking to tap new market segments, especially with growth in some sectors of the economy beginning to slow, as seen in government data, Mr. Castillo said.
“That’s also the reason why new business verticals are being created, especially when it comes to business verticals related to corporate solutions. So, that’s actually one of the channels that we’ve initiated in 2024.”
The Philippine economy grew by 5.6% in 2024, missing the government’s 6-6.5% full-year goal but slightly faster than the 5.5% expansion in 2023. For this year, the government targets gross domestic product growth of 6-8%.
AXA Philippines is also forging more partnerships with other firms, such as with insurance brokers, Mr. Castillo added.
The insurer posted a net income of P2.73 billion and a net worth of P11.2 billion in 2023, IC data showed. Its total new business annual premium equivalent was at P3.128 billion, while its assets stood at P166.13 billion. — Aaron Michael C. Sy
