AXA Philippines, the leading insurance company borne out of the joint venture partnership between the Metrobank Group, GT Capital, and the Paris-based AXA Group, rose to second place in total premium income (TPI) with P38.9 billion in 2021, displaying a strong and steady performance amid a highly volatile environment. Rising from number 3 in 2020, the company was also one of the few top life insurers that maintained its market share, keeping it at 12.6 percent, based on data recently released by the Insurance Commission.
AXA attributes its performance to its innovations to address and manage the effects of the COVID-19 pandemic and protect and support Filipinos in new and relevant ways. It boosted its health segment with the successful launch of the new Health Care Access, a health plan designed for business owners, freelancers, and those looking for additional protection, which provides comprehensive and affordable health care coverage for hospitalization and other medical needs. This product is crucial for Filipinos, who usually pay for health emergencies out of pocket.
The company also expanded its potential customer base by exploring not just traditional channels, but digital ones as well. This effort helped increase its pool of prospective customers, further contributing to its 2021 performance. Strategic efforts to grow preferred segments also helped maximize the company’s 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. 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,” said AXA Philippines President and CEO Rahul Hora.
Improvements to the Emma by AXA PH app also continued throughout the year to provide better digital insurance services and wellness solutions that are in tune with the times. With an improved avenue for digital transactions, customers are also able to manage and grow their investments with AXA more conveniently than ever. This resulted in the app winning Mobile App of the Year at the Insurance Asia Awards 2021.
The company’s success is also the result of the collective efforts of thousands of employees and their unified drive for excellence. To ensure that they are on top of their game and inspired to do better, AXA continues to provide opportunities for growth and development. One such effort is the launch of AXA Prime, an elite program to help financial advisors become the next generation of confident and empowered leaders. With AXA Prime, professionals get to work with only the best specialized digital tools, have access to training programs to hone their skills, and work with a supportive network of mentors and like-minded professionals who are purpose-driven and goal-oriented.
Other key efforts that continue to help drive employees’ personal growth are AXA’s consistent and continuous corporate social responsibility (CSR) programs, which allows employees to engage in activities with a higher purpose. This is in line with AXA’s CSR principles of caring for its people as much as giving back to the larger community. This is personified through the annual “AXA Week for Good” virtual volunteering program, where the company’s CSR initiatives and employee volunteerism are highlighted, AXA Hearts in Action activities, and partnerships with organizations in need of aid.
For the 2021 installment of Week for Good, activities included workshops for plastic waste recycling and composting, translation of modules and storybooks for marginalized students, digital clean-up drives, a neighborhood cleanup challenge, and a donation drive for students with disabilities.
Through AXA Hearts in Action, the international volunteer program for employees, various activities that benefit charitable institutions are also carried out throughout the year via the Emma by AXA PH app. Last year’s initiatives included donation drives for plastic waste reduction, mangrove seedling adoption programs, scholarship programs and food donations for underprivileged youth, and fund donations for the benefit of cancer patients and health care workers.
Moreover, AXA partnered with UNICEF to aid children affected by COVID-19 with the distribution of essential supplies such as water and hygiene kits, personal protective equipment, tents, and handwashing stations. It also joined hands with Habitat for Humanity Philippines to provide holistic community intervention for families in Calauan, Laguna.
The 2021 performance report also followed recent wins by AXA Philippines as the International General Insurer of the Year at the Insurance Asia Awards 2021 and its recognition as a Great Place To Work-certifiedTM company, as it continues to strive to be a more inclusive and empowering workplace. It remains dedicated to creating a working environment where employees can realize their potential and become better versions of themselves. Through its corporate value of ‘One AXA,’ it aims to be a breeding ground for creativity and inspiration where people can thrive and build a better future together.