Philippines AXA Life Insurance Corp. ascended to second place in total premium income (TPI) with P38.9 billion in 2021, data from the Insurance Commission revealed.
Up a notch from its No. 3 position in 2020, the company was also among the few top life insurers that sustained its market share, keeping it at 12.6 percent.
The insurer attributed its improved performance to “innovations to address and manage the effects of the Covid-19 pandemic as it protects and supports Filipinos in new and relevant ways.”
Boosting its health segment, the insurer’s health care access plan designed for business owners, freelancers and those looking for additional protection has provided comprehensive and affordable coverage for hospitalization and other medical needs since its launch.
The insurance firm said it also expanded prospective customer base via digital platforms, while strategic initiatives to grow preferred segments also helped maximize its potential.
“Despite 2021 being another challenging year, we continue to anchor our efforts on our noble purpose—to act for human progress by protecting what matters,” AXA Philippines President and CEO Rahul Hora said. “Our performance is an affirmation that when we put our customers and their evolving needs first, we are able to deliver products and services that are relevant to them, no matter how volatile or uncertain the environment.”
Improvements to our app, likewise, continued throughout the year to give better digital insurance services and wellness solutions that are in tune with the times, the company said. With an improved avenue for online transactions, customers are able to manage and grow their investments with AXA more conveniently than ever, it added.
The firm said its success also resulted “from the collective efforts of thousands of employees and their unified drive for excellence—thanks to its constant support to their growth and development.” One such effort is the launch of AXA Prime, an elite program that helps financial advisors become the next generation of confident and empowered leaders with provision of only the best specialized digital tools, access to training programs to hone their skills and a chance to work with supportive network of mentors and like-minded professionals who are purpose-driven and goal-oriented.
Other key efforts that drive employees’ personal growth are consistent and continuous corporate social responsibility programs, which allow employees to engage in activities like the annual virtual volunteering program and partnerships with organizations in need of aid, the insurer said.
AXA Philippines was born out of the joint venture partnership between the Metrobank Group, GT Capital and the Paris-based AXA Group. In 2016, it acquired a 100-percent interest in Charter Ping An Insurance Corp., the fifth largest non-life insurance company in terms of gross premiums written in the Philippines.