ICBC-AXA premiums hit a record high 
2019-04-30
ICBC-AXA Life Insurance said yesterday its premiums income hit 31.02 billion yuan (US$4.6 billion) in the first quarter, the highest since its establishment in 2012.
The results came as the company pursues a value-oriented growth strategy and focuses on encouraging policy-holders to pay premiums by installments rather than paying the full premium upfront, the Shanghai-based insurer said.
Many life underwriters, especially those which are subsidiaries of banks, have made similar transformations during the past few years to enhance their sustainable development and risk-resistance capabilities.
ICBC-AXA Life’s premiums paid by installment increased about 15 percent year on year from January to March, higher than the average rise in the industry.
As of the end of March, the company had more than 1.24 million individual customers, ranking it 11th in the domestic insurance market in terms of premiums income, and first among its peers affiliated to commercial banks and joint-venture competitors.
In Q1, profits surged 42 percent annually to 199 million yuan and assets jumped by one quarter to 130 billion yuan.
