AXA insurance turns to be the first leader of wholly foreign-owned property insurance

category:Finance
 AXA insurance turns to be the first leader of wholly foreign-owned property insurance


AXA insurance, formerly known as AXA balance, was established in February 2014 with AXA Group of France holding 50% of the balance auto insurance. In November 2018, AXA Group of France plans to spend 4.6 billion yuan to acquire the remaining 50% equity of AXA balance from Chinese shareholders such as Tianmao group (000627. SZ), a listed company of capital tycoon Liu Yiqian.

In August 2019, the transaction was approved by the China Banking and Insurance Regulatory Commission, and AXA balance was renamed AXA insurance. In December of the same year, the acquisition of equity was completed, and AXA Group of France included 100% equity of AXA balance. As a result, AXA insurance has completed the triple transformation from a Chinese-foreign joint venture to a wholly foreign-owned enterprise. Zhu Yaming will also become the first CEO of AXA insurance as a wholly foreign-owned enterprise.

Before Zhu Yaming, the original helmsman of Ansheng was Hu Wu. In November 2018, Hu Wu resigned, and Xavier veyry weizewei, a director of AXA France, took over as the chairman of the board and has been the interim chief executive officer.

But the challenge for the new CEO is not small.

According to the solvency report of AXA insurance in 2019, the companys net loss in 2019 is about 90 million yuan. Although the loss has shrunk compared with that in 2018, the loss of AXAs net profit in 2018 once expanded to 278 million yuan, but this is the third year since 2017.

It is worth noting that in 2019, the premium income of AXAs main auto insurance business is 6.057 billion, and the underwriting profit and loss is 414 million. In fact, the companys auto insurance business has entered the loss stage since 2013, and its underwriting loss has expanded with the growth of premium. In 2013-2019, the automobile insurance premium income of AXA insurance increased from 4.98 billion yuan to 6.057 billion yuan, and the underwriting loss increased from 270 million yuan to 414 million yuan.

For Zhu Yaming, its an urgent matter or how to further stop the loss of auto insurance business.

In fact, after the French shareholder AXA Group became the owner, AXA insurance started diversified reform, especially focusing on the Internet channel.

Wei zewei, chairman of AXA insurance, said in an interview with the interface news reporter that China still has good development opportunities in the field of auto insurance. The strategy of AXA balance is not to withdraw from the automobile market, but to diversify. In addition, he also said that he looked forward to more cooperation with Internet technology companies, so that AXA insurances solutions can expand the scale of service reach through them. At present, AXA insurance has made great efforts on the Internet. The latest development in June is that AXA balance announced to deepen the strategic cooperation with Penguin almond, an internet medical enterprise. AXA balance will build a perfect medical and health ecosystem with the help of online and offline medical and health service resources of penguin almond, and promote AXA balance to transform from policy payer to customer health management journey companion. Source: interface news Author: Zou Luhui editor in charge: Wang Xiaowu_ NF

Wei zewei, chairman of AXA insurance, said in an interview with the interface news reporter that China still has good development opportunities in the field of auto insurance. The strategy of AXA balance is not to withdraw from the automobile market, but to diversify. In addition, he also said that he looked forward to more cooperation with Internet technology companies, so that AXA insurances solutions can expand the scale of service reach through them.

At present, AXA insurance has made great efforts on the Internet. The latest development in June is that AXA balance announced to deepen the strategic cooperation with Penguin almond, an internet medical enterprise. AXA balance will build a perfect medical and health ecosystem with the help of online and offline medical and health service resources of penguin almond, and promote AXA balance to transform from policy payer to customer health management journey companion.