MANILA, Philippines - AXA Philippines has registered a 56 percent increase in total premium income in the first semester from a year ago supported by the growth in new business and bancassurance sales.
AXA Philippines said its total premium income reached P11.9 billion in the first semester of 2015, up from the P7.7 billion in the same period in 2014.
Total premium income covers recurring premium income from live policies, first year premiums (FYPs) or new business, and bancassurance sales or policies sold through partnerships with banks Metropolitan Bank & Trust Co. (Metrobank) and Philippine Savings Bank (PSBank).
First year premiums (FYP) or new business amounted to P2.4 billion as of end-June, a 33-percent jump from the P1.8 billion in 2014.
Bancassurance sales meanwhile, grew by 36 percent year-on-year to P1.6 billion in the first semester this year.
Metrobank accounted for the bulk of AXA Philippines’ premium income.
AXA Philippines president and chief executive officer Rien Hermans said the life insurer continues to build and develop its distribution teams in both direct, agency and bancassurance to extend its reach.
As part of its aim to expand its reach, AXA Philippines has deployed 62 financial specialists in the 213 branches of PSBank since the partnership was launched in June 2014.
The life insurer is also set to introduce its variable unit linked (VUL) products or those providing buyers both insurance and investment, in PSBank branches within the month.
The VUL products are available at a minimum initial premium of P2,000.
The investments portion of the VUL is placed in peso and US-dollar denominated funds.
The peso-denominated VULs are: Wealth Equity Fund (stock market); Wealth Balanced Fund (mix of government bonds and equities); Wealth Bond Fund (government bonds); Opportunity Fund (selected equities); Chinese Tycoon Fund (invested in listed companies owned by Fil-Chinese tycoons); Spanish American Legacy (listed companies with Spanish or American heritage); and Peso Liquidity Fund (ideal parking fund for market volatility).
The dollar-denominated VULs are: Premium Bond Fund (dollar fixed-income securities issued by Philippine government and top corporations); Capital Investment Fund (dollar money market instruments and government short- and medium term securities); Global Advantage Fund (invests in NASDAQ 100 index); European Wealth Fund (invests in a Eurozone index); and Asia Growth Fund (invests in a major Asian index).
AXA Philippines was ranked second best among the country’s 32 life insurers last year.
The firm is a subsidiary of AXA Group of France, the fastest growing life insurance company globally.