AXA Philippines has surpassed its sales target this year as early as end-September on the back of strong demand from its major market segments.
Rien Hermans, AXA Philippines president and chief executive told reporters that the life insurer’s sales during the first nine months of the year have already exceed this year’s full-year sales growth target of 18 percent to 24 percent year-on-year.
“Total sales are now 101 percent of our target. Total premium income is up 4 percent, while our profits are now 98 percent of our target this year as of the third quarter. We are on track,” Hermans said. The domestic insurance industry is seen to grow by 10 percent to 12 percent this year, Hermans said, adding that AXA intends to overtake the industry growth.
“On total sales, we are already 20 percent higher than the whole of last year as of end-September,” the top executive said.
He attributed the company’s exceptional performance to the strong growth in its three market segments that include wealth management, easy and affordable, and personalized solutions.
AXA’s wealth management segment generally involves high net-worth individuals with at least P5 million free investible assets comprised of about 180,000 households and accounts for 43 percent of total premium.
The easy and affordable segment segment comprised mainly of clients aged 25 to 40 earning P25,000 and above each month, estimated at about 2.1 million households and accounts for 20 percent of total premium sales.
