Insuring a better future

Known around the world as hard-working and skilled businesspeople, the Chinese are increasingly realizing the importance of ensuring that their hard work is not only rewarded but also protected.

The Chinese insurance market grew almost 14 percent in 2006, surpassing the growth of the country's gross domestic product.

Meanwhile, AXA Asia Pacific Holdings Ltd's Chinese joint venture, AXA-Minmetals, has outperformed both the country and the industry. It reported new business income of $21 million in 2008, an 80 percent rise from the previous year.

"Asia is a very important region for us and represents more than half of our business. If you look at AXA in Australia as a listed company, none of our peers have that sort of depth of presence in the region," said CEO Andrew Penn.

"China is obviously a very important part of the Asia Pacific region. You can't be serious about being in Asia if you're not in China," he stressed.

Among the largest companies in Australia, AXA Pacific Holding has a history in Asia that goes back more than two decades. It has operations in most Asian markets, including Indonesia, the Philippines, Thailand, Singapore, Malaysia, China and India.

Upgrading its operations in China from a representative office, the company set up branches in Beijing, Shanghai, Guangzhou, Foshan and Shenzhen in 2007.

Marking its 10th year in the country in 2009, AXA Asia Pacific Holdings has recently opened two new offices in Nanjing and Dongguan and plans to open new offices in Guangdong, Jiangsu and Liaoning provinces by the end of this year.

AXA-Minmetals has strong track record for innovation in the market that includes its award-winning "Dimensions" product, one of the first unit-linked retirement plans in China. It was recently granted qualified domestic institutional investor status in China, which will expand the AXA-Minmetals financing capability to include overseas investments

AXA-Minmetals also received China's Top Employers Award in Shanghai in both 2007 and 2008. The venture also runs educational sponsorship programs with China Europe International Business School, Tsinghua University and Foshan University.

The company's strategy is to accelerate expansion of existing operations in Beijing, Shanghai and Guangzhou to neighboring provinces and cities in eastern China.

www.axaasiapacific.com.au

(China Daily 08/07/2008 page42)