AXA premiums grow 33% in Q1 on network increase
AXA Insurance Thailand enjoyed premium growth of 33 per cent year on year to Bt440 million in the first quarter.
Chief executive Kheedhej Anansiriprapha said the strong growth had been due to expansion of distribution networks from allied auto dealers, agents and brokers, along with strong support from United Overseas Bank (Thai) and Tisco Bank."All insurers are facing severe competition in 2007, including ourselves. Economic growth has continuously slowed from last year, but we have posted double-digit growth with a satisfactory increase in gross written premiums," he said. In the first quarter the insurer took premiums worth Bt196.5 million for motor cover (a 27-per-cent increase), Bt172.8 million from miscellaneous insurance, Bt38.9 million from marine insurance and Bt31.8 million from fire insurance. AXA Insurance is aiming for growth of 10-15 per cent this year, compared to around 7 per cent predicted by analysts for the entire industry.
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