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AXA Tower underscores brand's commitment to Singapore

July 18, 2011 |

AXA today officially opened its new offices at AXA Tower at 8 Shenton Way. The opening was officiated by Deputy Prime Minister & Minister for Finance and Manpower, Mr Tharman Shanmugaratnam.

The new office, which brings together more than 600 AXA staff of its general and life insurance businesses in a single location, will support the company's expansion in the Singapore market.

The office building, one of the world's tallest cylindrical buildings standing at 235m, has been named AXA Tower, and sports a 13x13 m AXA logo on its crown. AXA's Customer Service Centre is located at the lobby, a convenient CBD location which gives AXA's customers easy accessibility by public transport.

According to John Dacey, AXA Group Vice Chairman for Asia-Pacific, "Asia is home to more than half the global population with high demographic growth prospects. With enviable economic growth and accompanying improved standards of living, Asia is an important region for insurance as it has among the highest savings rate worldwide. The AXA Group has enjoyed tremendous success within the region and in Singapore, and recognises that there are further opportunities for growth. Our new offices at AXA Tower represent our long term commitment to grow our presence in Singapore and our focus on strengthening our position in Asia."

Redefining Standards from the Heart of the Central Business District
Both AXA's general and life insurance business units have demonstrated solid growth over the last few years.

General Insurance
AXA's general insurance business has performed outstandingly from 2009 with an increase in Gross Written Premium in 2010 from S$273m to S$309m, registering an annual growth rate of 14% year on year. This year, AXA improved its overall ranking to become the second insurer in Singapore. It has maintained for three consecutive years its ranking as the top general insurer for health, the second largest for cargo and the third largest for motor insurance.

According to Chua Kim Soon, Principal Officer and Chief Executive Officer of AXA Insurance Singapore, "AXA has grown to become a leading insurer in Singapore for General Insurance. As a brand, it is recognised for its innovative approach and its great strides in leveraging technology to simplify processes for both our customers and agents alike. This is seen most clearly in our SmartClaims app for the iPhone, which when launched last year, was the first ever to allow customers to record important information at an accident scene and send it instantly to a workshop, where the claims process can start. We are confident our commitment to innovation and services will position us strongly as we grow in this market. In addition, we are continuing to strengthen and broaden our online facilities to allow better accessibility options to our partners and customers."

Life Insurance
Expectations for AXA's life insurance business in Singapore are also strong. The local market’s robust fundamentals such as high gross domestic product per capita, significant protection gap and a well regulated market provide a favourable climate for the business to grow. With AXA's track record of success both in Asia and internationally, the company is primed to strengthen its position in Singapore and become a stronger brand.

As of December 2010, the total premium income for AXA Life Insurance stood at S$$234m, a figure the brand is aiming to grow. Glenn Williams, Principal Officer and CEO for AXA Life Insurance Singapore, said, "With more people being aware of the importance for life protection and financial planning, we are seeing greater interest in our unique product offerings for customers in various life stages; for example, customised solutions for the high net worth individual. As we continue to innovate on the product front, we are also very conscious of creating preference for AXA through stronger customer centricity. "

"To equip our teams to be better qualified and ready to meet the changing needs of our customers, AXA opened the Asia Pacific Campus of AXA University in Singapore in 2009, a facility that develops special programmes for AXA employees. These programs provide AXA employees not only in Singapore but in the region with up-to-date knowledge and skills related to risk, finance, underwriting, change management and leadership development. The establishment of the AXA University further underscores AXA's commitment in Singapore and the region.

About AXA
AXA Group is a worldwide leader in insurance and asset management, with 216,000 employees serving 93 million clients. In 2010, IFRS revenues amounted to Euro 91 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,104 billion in assets under management as of December 31, 2010. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP -; Reuters: AXAF.PA). AXA's American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY. The Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

AXA Asia operations are located in Singapore, Malaysia, Indonesia, Thailand, Hong Kong, China, India, Vietnam and Philippines. A total of 15,000 AXA employees, offering customers a wide range of life, savings and general insurance products.

AXA Insurance Singapore Pte Ltd ("AXA Singapore") is a wholly owned subsidiary of the AXA Group, a global leader in Financial Protection with major operations in Europe, North America and the Asia/Pacific. With 250 staff strength, AXA Singapore offers a wide range of general insurance products catering to the needs of individuals and companies. It is one of the top three motor insurers in the Singapore insurance market.

AXA Life Insurance Singapore Pte Ltd ("AXA Life") is a wholly owned subsidiary of the AXA Group, a global leader with life insurance businesses in more than 30 countries, representing 52% of AXA Group revenues in 2010. Established since 1995, AXA Life together with its 170 employees, offer a wide range of life insurance and saving products that suit the protection needs of individuals. Partnering with multi-distribution channels to engage AXA customers, our tied advisers, independent financial advisers and bancassurance partners are committed to provide quality financial advice to serve our customers' needs better.

AXA Insurance Singapore
Christina Wee
Assistant Manager, Corporate Communications
DID: +65 6880 8145
Email: christina.wee@axa.com.sg