Next year the company is also planning to launch Axa’s Pulsar regular savings plan, in Singapore.
Pulsar was introduced this year in Hong Kong, to complement the company’s range of whole of life and critical illness products, as well as a new renminbi product, Varley added.
Varley said his projection for growth across the region reflected the life company’s recent strong performance in Hong Kong, where he said sales of Axa’s single premium, Isle of Man-domiciled Evolution Portfolio Bond in particular had been “setting the pace” recently, and prompting the company to plan accordingly.
“Like many financial services companies we are finding growth coming from our Asian operations, and as a result we are planning for this business more and more, with products aimed at the specific needs of this market," Varley said.
He pointed to plans for a new lump sum renminbi product as an example of Axa’s willingness to adopt to local preferences, since renminbi products are currently popular among Hong Kong investors.
Varley said Axa’s Isle of Man investments product operation is on target to exceed £1bn in sales this year, with the Hong Kong operation making a “material contribution” to this.
The preliminary forecast of a 50% increase over that in 2012, Varley said, is based on continued strong growth coming from Evolution and from expansion in the QROPS marketplace, “but also [as a result of] targeting expats in Asia”.
Pulsar
As for the Singapore version of the Axa regular savings plan known as Pulsar, Varley said it was expected to complement Axa’s existing private placement life insurance business, which launched in Q2 this year.
Down the road, Axa plans to replicate is successful International Brokerage Hong Kong business model in other markets, Varley said, without giving details as to which markets these might be.
Axa aims high
Varley’s outlook for Axa’s prospects over the next 16 months mirrors that of Axa chief executive Stuart Harrison, who, as reported, recently revealed the French insurance giant’s plans to double its total sales in Asia over the next three years, and 15% in annual growth from its Hong Kong operations.
Harrison also expressed his interest in making acquisitions in the region, noting that there were “more than 140 insurance companies in Hong Kong”, and that if some of these were interested in selling up, Axa would “consider that”.
Axa has had a presence in Hong Kong for 25 years, and it is said to be the fourth largest insurer there after Prudential, China Life and AIA.
Varley is an Australian national and has worked in China, Melbourne, Singapore and Hong Kong over the past 10 years.
