Krungthai-AXA Life fares well amid slowdown
Krungthai-AXA Life Insurance has announced Bt7.49 billion in annualised new premiums for the first half of 2015, a drop from Bt8.12 billion in the same period last year.
Despite the decrease in new premiums, the total for the first half increased to Bt27.73 billion, against Bt23.80 billion in the same six months of 2014.
As a policy of the group, the company would not disclose the business projection for the whole year.
"Despite the economic slowdown, Krungthai-AXA Life has delivered strong performance during the first half of 2015. Our growth was boosted by a focus on longer-term protection and health products that meet our customers’ needs," said chief executive officer David Korunic.
"In perspective, various indicators are showing a slowdown in the economy and thereby impacting on insurance sales. However, it should just be a temporary situation as it is expected that the Thai economy will post healthy growth in the long run, given the expansion of the middle-income class and an ageing society," he said. Moreover, with Thailand at the centre of Asean, a region attracting inflows of investments, insurers are able to support those activities, said Korunic.
Korunic added that the company had kept its focus on customer-centricity and deployment of new technologies to support distributors and provide greater convenience for clients.
"We are developing a new technological landscape, investing in innovative solutions to shape the future of our business and engage the right talent to develop the digital assets necessary to meet our clients’ evolving protection needs," he said.
A few digital-technology projects have been launched, including My AXA Health, an application that allows customers to inquire about their coverage plans, check their health benefits, claims status and claims history, and search for a network hospital.
iConnect
Another new package, iConnect Life, provides greater convenience and faster service for distributors and customers including e-FNA (Financial Needs Analysis), e-Illustrations, e-Application and e-Payment among others.
Satoshi Nagano, chief financial officer, said the management-expense ratio was currently running at 5.6 per cent, reflecting best-in-class financial controls. Moreover, total invested assets reached Bt148.5 billion, while Krungthai-AXA’s asset split remained stable with equities at 8 per cent, bonds 84 per cent, short-term 2 per cent, and others 6 per cent.
"The investment strategy is adjusted to the financial-market conditions and the evolution of the liability to fulfil our commitments to the customers," Nagano said.
