AXA Asia's total revenue hits $10.6b in 2019

Overall Asian APE rose 1% due to better sales in Japan, China, and Hong Kong.

AXA Asia recorded a 4% increase in total revenue to $10.6b (EUR9.9b), anchored by higher sales of protection and health products in Hong Kong and Japan, but partly offset by lower sales of G/A Savings, according to a news release.

Excluding corporate-owned life insurance (COLI) in Japan, annual premium equivalent (APE) grew 11%. Overall, APE rose 1% in Asia, boosted by higher protection with unit-linked and health sales in Japan, higher New Year G/A Savings sales in China, and higher sales of protection with savings products in Hong Kong.

However, this was partly offset by a tax rule change affecting COLI products in Japan and lower G/A Savings sales in Hong Kong

The property & casualty (P&C) segment’s all-year combined ratio inched up to 97% as the improvement in claims experience, particularly Hong Kong and Thailand, was partly offset by higher expenses.

Health combined ratio improved to 76.7% amidst an enhanced morbidity experience in Japan and better claims in Hong Kong.

New business value (NBV) margin increased 0.6 point to 63.1%, mainly driven by Japan due to increased sales of higher margin Health and Protection with Unit-Linked products, and partly offset by China from an unfavorable business mix reflecting higher New Year sales. Underlying earnings were up 3% to $1.29b (EUR1.2b).