AXA Hong Kong is unifying its Chinese name as it reveals its Asia expansion plans.
As part of the AXA Group, the second largest insurer in Europe, AXA Hong Kong has changed its Chinese brand name to "AXA An Shing", which means stability and prosperity, from the previous "AXA Kwok Wei" and "AXA Ah Shing".
The group is planning to double the size of its Asia’s revenue and wants 15% annual growth in its Hong Kong business before 2015.
Stuart Harrison, chief executive officer of AXA Hong Kong, said the growth would be driven by potential acquisitions and organic growth, but said there is no specific target for acquisitions.
As part of these plans AXA Hong Kong is going to develop a mid-to-high-end medical insurance business, which will provide more flexibility to the clients, said Benjamin Li, chief of Pension and Broker Channel of AXA Hong Kong.
Regarding the news that the Mandatory Provident Fund Schemes Authority (MPFA) is considering setting up a public trustee company to compete with the current 19 MPF trustees to encourage lower fees, Li said he prefers a fully competitive market between corporations rather than government intervention.
He also disclosed that MPF distributors are discussing with MPFA on simplifying the administration process.
AXA is ranked the fifth biggest life and saving insurer in Hong Kong with a 9.1% market share, according to AXA’s information. The whole Hong Kong business contributes one-third of its Asia insurance business.