by Miao Yiwei

AXA Group is among the first foreign insurance companies to engage in China’s financial reforms. Since becoming a wholly owned subsidiary of AXA Group in 2019, AXA Tianping P&C Insurance Co., Ltd (AXA Tianping) has evolved from a single-line vehicle insurer into a diversified player offering motor, health, and commercial insurance. The company is also deeply involved in China’s inclusive insurance initiatives and the development of the Shanghai International Reinsurance Center, now one of the largest foreign-owned property and casualty insurers in China.

Jiemian News recently interviewed Kevin Chor, CEO of AXA Tianping, to discuss the company’s growth and involvement in China’s financial reforms.

Jiemian News: AXA Tianping has been in China for over 20 years and became fully owned by AXA Group in 2019. How do you view the company’s development, and what changes have occurred since the full acquisition?

Chor: AXA has always had confidence in China’s development and has participated in the country’s financial reforms. Since the acquisition in 2019, AXA Tianping has become one of the largest foreign property and casualty insurers in China. We have diversified from offering only vehicle insurance to including health and commercial insurance, achieving our strategic transformation goals.

Jiemian News: AXA Tianping has played a role in the development of the Shanghai International Reinsurance Center. What innovations have you introduced there, and what is your outlook for its future?

Chor: In August 2023, we established the Shanghai Reinsurance Operations Center in the Lingang New Area, marking a milestone in the development of cross-border financial services. AXA Tianping was the first to sign an international inward reinsurance contract in November 2023. We have also partnered with Bank of China and the Shanghai Insurance Exchange to support the international reinsurance platform’s infrastructure. Our presence in Lingang has demonstrated the area’s competitive business environment and we plan to continue contributing to its development, particularly in the international reinsurance sector.

Jiemian News: As Shanghai aims to become a global financial center, what areas require improvement, and where do you see potential for further exploration?

Chor: Shanghai’s infrastructure, policies, and talent pool are continuously improving, and we expect these developments to attract more participants to China’s financial markets. AXA Tianping will continue to promote these advantages, supporting Shanghai’s goal of becoming a top-tier financial center. We will also focus on facilitating China’s “bringing in” and “going out” strategies to enhance financial openness.

Jiemian News: On November 21, 2024, AXA Group and China People’s Insurance Group signed a cooperation memorandum. What areas will the two companies collaborate on?

Chor: The collaboration covers a broad range of areas, including local insurance services, underwriting, shared networks, and product innovation. AXA will also help People’s Insurance Group strengthen its international business and expand global partnerships. This collaboration reflects AXA’s commitment to the Belt and Road Initiative and aims to support Chinese companies in their global expansion.

Jiemian News: China’s “Five Major Financial Articles” have guided the financial industry’s high-quality development. What steps has AXA Tianping taken in these areas, and what results have you achieved?

Chor: The “Five Major Financial Articles” are crucial to China’s financial development, and AXA Tianping is aligned with this direction. In inclusive finance, we have supported local government projects in cities such as Jinan and Xuzhou, helping to close social security gaps for vulnerable groups. We’ve also launched products like million-dollar medical insurance and offered coverage tailored to low-income and rural populations. In 2020, we partnered with Renmin University’s China Inclusive Finance Research Institute to conduct in-depth studies on the financial lives of low-income families, providing valuable insights for future inclusive insurance strategies.

Jiemian News: Competition in China’s property and casualty insurance market, particularly in vehicle and health insurance, has intensified. What advantages does AXA Tianping have in these areas, and where do you see future growth?

Chor: In vehicle insurance, AXA Tianping uses digital technology to enhance risk assessment and pricing, and we are a pioneer in offering green products, especially in new energy vehicle insurance. By the end of 2023, our share in this segment grew from 7.4% to 10%. In health insurance, we provide a range of solutions from basic medical insurance to high-end health coverage. We’ve also expanded our health ecosystem through partnerships with the Boao Lecheng Medical Tourism Pilot Zone and the Greater Bay Area Medical Group, offering clients international-standard healthcare services in China. Additionally, AXA Tianping is enhancing its capabilities in commercial enterprise insurance, leveraging the global resources of AXA XL to serve large enterprises and specialized risks.