Bangkok--11 Mar--AXA Insurance
AXA Insurance PCL, one of the leading international Property & Casualty insurers in Thailand, has today announced its business results for the financial year 2013. The Company reported an increase of 16% in Gross Written Premium (GWP) reinforced by a strong profit of Baht 408 million. For 2014, the company expects to continue outperforming the market while investing in new and innovative customer and distributor solutions.
Mr. Martin Rueegg, Chief Executive Officer, commenting on the business development in 2013 said, “In 2013, AXA Insurance further strengthened its balanced portfolio through strong business growth in all core-businesses such as retail, commercial and health. The solid contribution of the multiple distribution channels will allow the continuation of our successful journey. Our strategy of reaching a good balance of multiple product lines and distribution channels not only brings the best value proposition to our customer and business partners, but also helps the company to achieve a sustainable and well balanced performance.”
The business results are reflected by equally good bottom line performance: At OR As of 31st December 2013, AXA Insurance recorded positive underwriting results as well as good investment income which led to strong underlying earnings of Baht 408 million(1). Supported by the financial assets but also capital, the Capital Adequacy Ratio (CAR) increased to a solid level of 326% by end of 2013. This is 2.3 times the minimum set by the Office of Insurance Commissioner.
“The outstanding performance in 2013 is clear proof that AXA Insurance, in light of challenging times in recent years due to floods and other major events, is an extremely strong company. Just recently a survey has validated us as the “most admired and trusted brand”(2) in Thailand, where AXA Insurance was voted as the best international general insurance brand. On a regional level, we (AXA Insurance) are one of the best performing AXA entities with respect to growth and profitability in Asia. This gives AXA confidence to continue investing in Thailand”, Mr. Rueegg said.
On AXA Insurance’s business plan for 2014, Mr. Rueegg said, “We are confident the strategic roadmap we are embarking on is sound. We expect to continue to outperform the market with respect to growth and profitability for 2014. This will be achieved by our business mix selectivity and the focus on distribution partnerships combined with customer centricity and innovation. We expect to launch new products, some of which are new to the Thai market, improve online interaction with our customers and partners and continue to strengthen our nationwide presence across Thailand. Recent branch offices have already opened in Chiangrai and Ubon Ratchathani.
Beyond ambitious business targets for 2014, AXA Insurance will continue to play an important role in corporate responsibility in Thailand. The company continues its commitment, in line with the AXA Group, its partnership with international humanitarian NGO CARE in Thailand. Just recently, AXA Group and CARE announced the renewal of their partnership, with financial support from AXA of EUR 2.3million (Baht 103 million) over the next three years. One of its flagship projects is “Where the Rain Falls”, which is a research program on climate change adaptation. AXA Insurance targets to support vulnerable populations in the northern region to better face the impacts of climate change – particularly the growing unpredictability of natural resources. In April 2014, AXA Insurance volunteers will head to Mae Chaem District in Chiangmai to build check dams to help northern farmers manage their water supplies for their farming areas.
**(1) Unaudited results
**(2) BrandAge Magazine”, February 2014 edition
About AXA Insurance Public Co., Ltd
AXA Insurance PCL was established in Thailand in July 1998 and AXA Group is the largest shareholder our company. AXA Insurance has been expanding steadily over the year with nationwide presence in Bangkok, Chiangrai, Chiangmai, Phitsanulok, Nakhon Sawan, Udon Thani, Khon Kaen, Nakhon Ratchasima, Ubon Ratchathani, Chonburi, Pattaya, Rayong, Chanthaburi, Hua-Hin, Surat Thani, Samui, Hatyai and Phuket.