Axa’s Asian P&C Sales Seen at Almost 2 Billion Euros by 2015

Axa SA (CS)’s annual property-and-casualty premiums in Asia’s emerging markets will climb to almost 2 billion euros ($2.6 billion) in 2015, double last year’s level, said Gaelle Olivier, head of the insurer’s Asia P&C business.

“It is clearly a transformational journey,” Olivier said in a presentation to reporters near Bordeaux yesterday. She oversees Axa property-and-casualty’s activities in countries from Indonesia to China.

By 2015, the business should generate about 100 million euros in annual operating profit, excluding the effects of the Tian Ping acquisition in China, she said.

Axa’s Asian P&C premiums increased 22 percent last year, excluding acquisitions, and are growing at least 15 percent this year, Olivier said. Axa in 2011 set financial targets for 2015, which included a doubling of Asian P&C premiums.

Axa, Europe’s second-largest insurer, agreed last month to acquire a 50 percent stake in Shanghai-based auto insurer Tian Ping in a deal valued at 485 million euros.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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