Axa Direct Korea said that it aims to be the top player in the local online insurance market by 2015 by creating synergy with Ergo Daum, which it took over in May.
At a press conference at Plaza Hotel in Seoul, Tuesday, Axa Direct Korea, CEO Xavier Veyry, unveiled his plan to expand the firm’s presence here by increasing the amount of its direct premiums to 850 billion won by 2015.
Direct premiums refer to premiums collected by the insurer from policyholders, before reinsurance premiums are deducted. Insurers share some direct premiums and the risk involved with their reinsurers.
Veyry said that the insurer has shown rapid growth over the past year in the online insurance market through expansion of sales channels and the introduction of new products.
“We aim to become a top player in the domestic online insurance market by maintaining an annual growth rate of 14 percent,” he said.
The firm posted sales of 287.5 billion won in the auto insurance market for the first seven months of this year, up 4 percent from a year ago. It expects that direct premiums and net income will reach 568.7 billion won and 4.5 billion won, respectively, this year.
Regarding the takeover of Ergo Daumn, the CEO said that the acquisition will provide AXA with the opportunity to strengthen its presence in one of the fastest growing and most developed non-life insurance markets in Asia.