ICBC-AXA Life's premiums income hits record high of US$4.6 billion in Q1

ICBC-AXA Life Insurance said on Monday that its premiums income hit 31.02 billion yuan (US$4.6 billion) in the first quarter, a record high 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 effective individual customers, ranking it 11th in the domestic insurance market in terms of premiums income, and came first among its peers affiliated to commercial banks and joint-venture competitors.

During the same period, ICBC-AXA Life's profits surged 42 percent annually to 199 million yuan and its assets jumped by one quarter to 130 billion yuan compared with the end of 2018.

The performance did not come easily, the insurer said, as China’s insurance regulator tightened its supervision and insurers face greater competition.

The company said it will continue to offer more protection-oriented insurance products and services and steadily increase investment returns for its customers.

ICBC-AXA Life is a joint venture between French insurance giant AXA Group, Industrial and Commercial Bank of China and China Minmetals Corporation, based in Shanghai.