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Andrew D. Alcid, AXA president & CEO, said AXAs optimism is manifested in the companys aggressive strategies to sustain robust growth performance focusing on product innovation, expanding distribution capabilities and asset management.
AXAs current marketing efforts are geared towards tapping the lower segment of the population. We are going into the mass affluent and mass retail markets because, right now, everybody focuses on high networth segments, said Alcid.
We have pretty good economic fundamentals and our outlook is very bright, we have just to go through with this downturn, he added.
AXA Philippines enjoyed phenomenal sales in the last two years, growing by 69 percent in 2006, and 82 percent in 2007.
Despite the current economic situation, Alcid believes there are reasons to hope for recovery towards the end of the year. Im optimistic that by the end of the year, you will see some improvements, he added.
Alcid referred to historical data indicating that the longest period the industry was in a down cycle was two years. After this downtrend, its all uptrend.
Alcid attributed the economic slowdown to record high oil prices and inflation that weakened industry sales. (Oil and inflation) are not directly affecting our revenues but if the high interest rates continue, these will affect the value of the investment holdings of any insurance company and the investment value of the policies, he explained.
I really believe in the two-year downside, said Alcid. Then, the market rebounds big. Once investors feel that the stock market has hit rock-bottom, the big fund (investors) will start to buy and when the smaller (investors) see that, they follow. Then you build the momentum again for an improving market.
Before the end of the year, we will pilot one or two new initiatives, which may become the basis for two new channels next year and the following year, he bared, adding that customers have better options and benefits when the insurance industry develops more products.
AXA is one of the leading life insurers in the Philippines. Fortune Global 500 recently ranked the AXA Global Group as number one among life and health insurance companies and the 15th largest corporation in terms of revenues worldwide.
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