PhilAxa premiums zoom in 2003

Philippine AXA Life Insurance Corp. has recorded a P19.80 million in statutory profit and total premium income of P2.64 billion.

This was attributed to the realization of substantial capital gains in the company’s bond portfolio, as well as significant profit contribution from group business and resolute fiscal management. Regular premium eargnings were recorded at P1.15 billion from P972 million in 2002, while single premium income reached P1.49 million.

"2003 was both a challenging and significant year for Philippine AXA Life. Thus far 2003 has been the best year for Philippine AXA Life in terms of being able to generate value through product development," Victor P. Quisumbing, Philippine AXA Life president and chief executive officer, said in a statement.

In 2003, the company launched the country's first dollar-denominated variable life insurance products in the market – Honey and HoneyPot, while major peso products were improved to cater to a fast-evolving market that demands a more sophisticated level of financial protection.

The company’s distribution channels continued its expansive reach in the life insurance market. Group business continued its remarkable turnaround, tallying a P44.25 million profit in 2003, 15 percent better than target.

Its agency satellite offices are now also deployed in other strategic cities in the country such as Great Metro Manila, Baguio and Dumaguete. Bancassurance now provides comprehensive and professional financial planning services to bank-based clients from up north in Pangasinan and Pampanga, down to Iloilo, Bacolod and Davao.

Philippine AXA Life was forged out of the joint venture between the Metrobank Group and the Global AXA Group. It ranks fourth among the country's top life insurers in 2002 in terms of total premium income with a 294 strong workforce and sales associates servicing nearly two premium income with a 294 workforce and sales associates servicing nearly two million clients around the country.