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AXA profits from broader sales front

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Links with brokers and banks help insurer post 15pc rise in operating earnings for year

Like many of its competitors, AXA Hong Kong has been attempting to diversify its sales model away from an almost pure agency system.

The insurance company's transformation has achieved considerable success. Business contributed from channels other than the firm's agency force - including independent brokers, alliances with banks and salaried financial advisers - has increased to 40 per cent last year from a paltry 3 per cent in 1999.

Despite the growing importance of non-agent sales, the traditional agency model would still be the firm's major source of business for some time, according to AXA chief executive Mark Wilson.

'It doesn't mean that our agencies have stopped growing,' Mr Wilson said.

'The agencies will continue to be a main part of our business, though we will also grow our new channels at a faster rate.

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