- Customer base increases to more than half a million customers islandwide
- AXA is the No. 2 general insurer in Singapore:- No. 1 in Health, No. 2 in Marine Cargo and Work Injury Compensation Insurance and No. 3 in Motor Insurance (Source: Monetary Authority of Singapore statistics 2011)
- 10-year exclusive bancassurance distribution agreement with HSBC will see AXA Insurance products distributed through HSBC’s distribution channels
AXA Insurance Singapore has completed its integration of HSBC’s General Insurance businesses, a move which extends its leading position in Singapore.
Taking on the AXA brand, HSBC General Insurance policies will now be serviced by AXA. In addition, HSBC Singapore will exclusively distribute AXA General Insurance products under a ten-year bancassurance agreement. This brings AXA’s bank distribution agreements in Singapore to a total strength of six.
Strengthened Distribution Capability and Customer Service
The integration will expand AXA’s multi-distribution platform to a 700-strong network of insurance professionals, distributors and online motor and travel portals.
Mr. Chua Kim Soon, CEO of AXA Insurance Singapore, said “Our ambition is to be the No. 1 General Insurance company in Singapore and the integration of HSBC’s General Insurance business is a step towards this goal. With a larger customer base, we now touch the lives of more than half a million individuals and corporate customers in Singapore. Our business has also increased in size with our combined premiums higher by 22.7% to S$379 million on a pro forma basis at end-Fiscal Year 2011.”
He added, “I am happy to say that we have offered all HSBC Insurance staff handling the General Insurance business roles in the AXA family, and we will work closely together to become the preferred General Insurance brand for the people in Singapore, known for customer service and innovative products and services.”
Mr. Terence Tan, who was previously HSBC’s Head of General Insurance and now Chief Development Officer at AXA said, “We have been working hard on this integration and have conducted joint training sessions to align teams’ ethos, sales processes and backroom support activities. From Day 1 (of integrated operations), we aim to serve all our customers with the best talent pool possible.”
On 7 March 2012, AXA and HSBC jointly announced an agreement under which AXA would acquire HSBC’s General Insurance businesses in Singapore, Hong Kong, and Mexico. AXA would also benefit from a 10-year exclusive bancassurance agreement with HSBC in these countries as well as in India, Indonesia and China.
The transaction related to the acquisition of the Singapore HSBC General Insurance business has received all regulatory approvals required and took effect on 5 November 2012.
The various insurance products coming under the General Insurance category include travel, home, fire, motor insurance and commercial insurance.
About AXA Insurance Singapore
AXA Insurance Singapore Pte Ltd is a wholly owned subsidiary of the AXA Group. With more than 370 staff strength, AXA Insurance offers a wide range of General Insurance products, catering to the needs of individuals and companies. AXA Insurance is the No. 2 general insurer in Singapore. It ranks No. 1 in Health, No. 2 in Marine Cargo and Work Injury Compensation Insurance and No. 3 in Motor Insurance in the Singapore General Insurance market.
About AXA Asia
AXA Asia is committed to become a preferred company in financial protection and wealth management. AXA Asia is part of the AXA Group, and has grown rapidly in Asia with a presence in China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore and Thailand. AXA Asia serves over 6.4 million customers and employs over 7000 employees across the region at the end of 2011.
ABOUT THE AXA GROUP
The AXA Group is a worldwide leader in insurance and asset management, with more than 163,000 employees serving 101 million clients. In 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,065 billion in assets under management as of December 31, 2011.
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 AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD, and is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance.
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IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section “Cautionary statements” in page 2 of AXA’s Document de Référence for the year ended December 31, 2011, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.