Life insurer AXA Philippines recorded a premium income of P13.75 billion in the first nine months of 2007, more than doubled the P5.55- billion premium income in the same period last year, the company said in a statement.
In terms of new business, AXA Philippines cornered over P1.73 billion, also an increase of 163 percent from last year’s P767.3 million.
For the third quarter alone, new business grew 63 percent from P321.4 million last year to P523.1 million.
More than 80 percent of AXA’s new businesses came from its banc-assurance channel, through the 700 branch network of joint venture partner Metropolitan Bank and Trust Co. (Metrobank).
Its business mix also revealed that 87 percent were accounted for by investment-linked products or life insurance products with investment features. These are often referred to as VULs or variable or unit-link products.
Of the insurer’s total premium income in 2006 of P9.06 billion, over P7.8 billion in premiums were investment-linked products. The balance of P1.1 billion in premiums were traditional life insurance products.
“We are fast becoming a nation of investors rather than just a nation of savers.” AXA president and chief executive officer Andrew D. Alcid said.
With an average annual growth rate in premium income of 30 percent since 2003, AXA Philippines outdid itself in 2006 by posting a staggering 98-percent growth in premium income. With P9.06 billion in total premiums, the insurer climbed up two levels in industry ranking from fourth place in 2005 to second last year.
AXA Philippines is a joint venture of Metrobank and the AXA Group of France, one of the world’s largest life insurance and financial institutions.