AXA-Affin aims high

AXA-Affin also wants to be among the top 5 insurance players in Malaysia. It aims to command 8% market share by 2012. Yesterday we reported that TM Asia aimed to achieve 10% market share in 3 to 5 years time.

Currently the top 5 players include Great Eastern, Prudential, ING and AIA. With both TM Asia and AXA-Affin aiming to be among the top 5, they will either need to remove GE, Pru, ING or AIA from their positions or only 1 of them can make it to the top 5. There are also no doubt other players in the market aiming to move into the top positions.

AXA-Affin's strategies to go to the top include:

• Brand campaign
• 3 equally strong distribution channels: agency, bancassurance, other alternative channels such as telemarketing

Other information on AXA-Affin:

• Bancassurance partners: Affin Bank and 5 other local and global banks
• 400 agents, aims to increase to 1,200 in 1 year, and to 3,000 in 3 years
• Total gross premiums RM40 mil, aims to increase to RM80-100 mil next year
• CAR is close to 260%

Source: The Edge Weekly (not available online)