This year marked AXA Tianping’s extension of its commitment in the field of child-care philanthropy. Through its in-depth cooperation with Ai You Foundation, AXA Tianping contributed to bringing warmth and companion to sick orphans and helping them make better life with positivity and confidence. Its philanthropic efforts got recognized by mainstream media through three influential awards: the “Annual Public Welfare Media Recommendation Award” at the second Yangtze River Delta Charity Festival hosted by “Youth Daily”; the “Annual Public Welfare Enterprise Award” at the annual charity ceremony hosted by “The Philanthropy Times”, and the “Annual Corporate Social Responsibility Award” among the twelfth “Golden Wealth Management” insurance industry awards selection.
As its brand purpose illustrated, AXA in China is dedicated to “acting for human progress by protecting what matters”, which will continue to guide AXA Tianping and its employees in offering support and assistance to vulnerable communities moving forward.
On December 24th, we held our year-end townhall with a great line-up of internal speakers and all the AXATP employees. We celebrated all that we have accomplished this year despite all the setbacks and challenges amid the company transition, and set our 2022 goals and priorities.
I would like to express my sincere gratitude to all of you for your agility, solidarity and dedication in the past year to deliver an array of results that drives the company’s growth amid the transformation.
In motor insurance, we have invested in core technologies, unswervingly implemented cost optimization strategies, and actively expanded new risk sectors. In terms of non-motor insurance, health, lifestyle and commercial have all exceeded the market average growth. We have extended the key distribution network, improved the tele-marketing capability, and involved in many inclusive insurance public private projects, which won increasing trust from partners and customers. We should be proud of this result.
Our claims capabilities have always remained at the forefront of the market: in the report on insurance consumer complaints in the third quarter of 2021 issued by the China Banking and Insurance Regulatory Commission, we had only 0.02 complaints per 10,000 insurance policies, once again becoming the top ten among peers. Our timely response to Henan flood fully embodies the “ONE AXA” value. According to the regulatory report, AXA Tianping’s total insurance claim per case and settlement efficiency outperformed peers thanks to the Claim team and branch colleagues’ collective efforts.
In the meantime, we have upgraded the digital platform EMMA by AXA, optimized sales tools, improved the non-motor infrastructure and organizational structure, laying a solid foundation in multi dimensions.
During the townhall, I also invited the senior management team to give their retrospect and prospect.
CFO Laurent Matras joined virtually and presented the financial results and objectives. Executive Vice President Liancheng Zhou brought regional managers and branch managers to share sales and distribution achievement and goals. CMO Eva Huang focused on our in-depth research and insights in customer needs, segmentation, and broker partnerships.
CHRO Danielle Zhou introduced multiple culture transformation programs including the AXA Star initiative to build corporate culture.
Our focus in 2022 will still be the four pillars – Distribution, Health, Motor and Efficiency and we will strive for greater success by working as one team!
（供中国大陆区以外同事观看,For AXA colleagues outside mainland China)
At the AXA Family Health Day, we released the 2021 China Urban Family Health White Paper. Together with renowned publication group Southern Weekend, we studied the family health management perception and behaviors in twelve first and second-tier cities across the country, aiming to shed light on Chinese families’ evolving yet overlooked health protection needs.
The Paper provides a clear and up-to-date view of the Chinese family health management needs, focused on insurance, mental health, digital health and working mothers. The findings give clues to the product design and sales activities to frontline teams.
For example,
on insurance needs, among the 1008 respondents, 82% identifying that add-value health services are more important as part of health insurance offerings, and Shenzhen families have the highest consumption of commercial health insurance.
75% of them express their strong desire in mental health counselling.
nearly 90% respondents are willing to use digital health services.
working mothers show higher anxiety levels than other women in general. Timely stress relief and regular medical checkups and exercise will make working mothers more confident.
In the Paper, you will also find the twelve cities’ health profiles. For example, in Guangzhou, psychological counseling is prevalent since they have the highest anxiety level, while Hangzhou families get the highest confidence rate and is the best in maintaining healthy diet.
Please find more interesting details about the 2021 Chinese Urban Family Health White Paper (English version) and in below video.
After the AXA Family Health Day, I’ve had a thorough conversation with several key media outlets including Securities Times, National Business Daily and Jiemian on AXA’s recent progress in China. Topics include our explorations on transformation journey, the research in target customers, robust health strategies and growth, market challenges, culture transformation, the power of long-term development and communications within the group.
As I shared with the reporters, “For me, it’s career transformation from banking to insurance, for AXA Tianping, it’s about from Chinese company to joint venture and to foreign-owned, and for the industry, it’s also transiting from motor to non-motor. The challenges are mixed, yet we see more opportunities. With long-term plans, clear-cut transformation path, unwavering execution, One AXA spirit and group support, I’m confident we will grow stronger and go further.
Please find below interview links for more details.
Securities Times: Doubling down on China – AXA Tianping CEO: No rush for short-time profit, investment period in first two years of post-acquisition
National Business Daily: Foreign-owned P&C Transformation Sample: AXA Tianping as the first foreign-owned insurer in inclusive insurance public private project, continues to invest in health infrastructure
Jiemian: AXA Tianping CEO Yamin Zhu: Investing more in health, targeting three core customer segmentations
Insurance Force：AXA Tianping updating its health strategy: focusing on family with upgraded one-stop solutions
On December 16, 2021, S&P Global Ratings (S&P), one of the most influential credit rating organizations in the world, issued a credit report rating AXA Tianping. We received “A-” local currency financial strength rating and issuer credit rating, with a “stable outlook”.
I feel very proud to be rated again by the global rating agency S&P, being recognized for our robust business growth prospect backed by the Group’s continuous investment and global resources and expertise. By leveraging all the support, we will strive to bring diverse and the most relevant products and services in motor, health, commercial and lifestyle and meet local customer’s evolving needs.
The S&P rating report overviews AXA Tianping as the “largest foreign-owned property and casualty (P&C) issuer in China. It “plays an important role in AXA’s strategic expansion in China”, with “long-term commitment of parental support”. “This is demonstrated in areas of underwriting and actuarial expertise, reinsurance arrangements, as well as risk-management and governance frameworks,” notes the rating agency.
S&P says that “AXA Tianping has over 200 branches in 23 provinces in China and can access more than 80% of the country’s population. The China-based insurer will likely target strong business growth at a pace of 25%-30% over 2022-2023, compared with single-digit prospective sector growth.”
On December 16th, in the afternoon, AXA Tianping was invited to an industry seminar co-organized by Shanghai Insurance Institute and Fudan University around the themed topic: Review of the 20th Anniversary of China’s Entry into the WTO and Prospects for Further Financial Opening, coinciding with their annual report release on “Foreign Insurers’ Development and Its New Pattern”. Our Chief Risk Officer, Richard Qiu attended the meeting and delivered a speech around the theme, discussing with the industry on how to complement each other’s advantages for mutual benefit and win-win results.
Looking back on the series of important policies for foreign insurance companies to enter China since entering the WTO, I strongly feel the acceleration of China’s financial opening up, ushering golden opportunities for AXA in China. As the bridgehead of China’s reform and opening up, Shanghai is striving to build a world financial center. I firmly believe that in the future, AXA will definitely be able to play its strengths in helping Shanghai build an international reinsurance center and helping green finance.
（供中国大陆区以外同事观看,For AXA colleagues outside mainland China)
Earlier in March, the project named “Financial Diaries”, led by Chinese Academy of Financial Inclusion (CAFI) and co-sponsored by AXA Emerging Customers (AXA EC) and AXA Research Fund (AXA RF) has been launched for the purpose of providing actionable insights about the financial lives of low-income households in China’s urban and rural areas to encourage financial service providers to deepen financial inclusion, and therefore, to further help the society to thrive and progress.
“Financial Diaries” was introduced via a dedicated video to the audience of the 7th China Inclusive Finance International Forum on December 16, attended by industry experts and influential representatives. A great opportunity for us to prove our promise of “acting for human progress by protecting what matters”.
This has been another milestone for AXA in China that responds to the national strategy of financial inclusion and the goal of common prosperity, announced a while ago. AXA Tianping is willing to share our successful experiences, and contribute to improving the social security system, unleashing the capital for good, to provide a mechanism that helps mitigate personal and enterprise-related risks so as to contribute to improve livelihoods and sustained development.
I hereby welcome all of you to join me in understanding the project better via the link below.
From September to November 2021 employee share offering (Shareplan 2021) was successfully launched with great support from headquarter and branches in AXA Tianping.
According to the latest information, 102 employees from headquarter and 14 branches, representing 3.6% of the eligible employees in AXA Tianping, subscribed to Shareplan 2021. A total amount of exceeding RMB3.87 million (approximately EUR520,000) was subscribed in 2021, at a subscription price of EUR18.86. 10.8% of the beneficiaries subscribed over RMB100,000 while 13,7% of the beneficiaries subscribed to upper limit. Besides, Compensation and Benefits team have completed relevant China individual income tax filing on employment income in November 2021.
Employee share offering is valued by AXA Group for its local promotion and implementation. This is a powerful lever to strengthen our links with Group and what is more it is a great opportunity for us to become shareholders under preferential conditions and engage in the Group’s development and success. Shareplan is launched in AXA Tianping for only 2 years but we can see increasing confidence and trust from our colleagues. Going forward, our Human Resource team will keep exploring to improve the employee experiences on Shareplan operations, enabling us participate in Shareplan and being an AXA shareholder!
（供中国大陆区以外同事观看,For AXA colleagues outside mainland China)
As doctors do to individual patients, so do internal auditors to the company. Internal Audit helps to maintain the health of the company and makes sure we take necessary steps to prevent events that may hinder achievement of our objectives.
This month I have invited the audit team to introduce themselves. Their team is full of diversity and dynamics. I hope you enjoy this clip.
November is the month of harvest. First off, congratulations to the Commercial team for successfully pursuing the Tianjin Port explosion Insurance Recoveries and gaining the most subrogation fees ever for AXA Tianping. This month, we were also invited to the 16th Annual Finance Summit of Asian hosted by authoritative media and awarded the Insurance Brand of The Year. It recognizes our efforts and encourages us to grow further.
November is the month of responsibility. AXA Climate Academy is launched simultaneously around the world to encourage all staff to pay attention to global sustainable development. Our global Purpose “acting for human progress by protecting what matters” has been integrated into AXA genes, which is also reflected in caring for the people around us. This month, the employee-volunteers from the headquarter visited “Aiyou X AXA Children Playroom” and brought everyone’s love to the children.
November is also a month of gratitude. On November 25th, a thanksgiving event was organized by human resources at Ruiming headquarter in Shanghai for us to express gratitude to each other. Thank you for your tremendous effort and hard work. Our joint effort led us to the result better than our peers, and also let us be full of confidence in the future of Soar to Success.
I would like to share my gratitude notes at the Thanksgiving:
“In this quiet Saturday evening, I make myself calm down and reflect on our common days and months passed together, also thinking of the future we’ll conquer. A lot of emotion comes to me.
Transforming a company relying mainly on motor to non-motors areas, meanwhile adopting new way to replacing traditional motor operation is definitely not an easy job, it’s rather a huge and complicated battle. Our intelligence, decision-making capability and collaborating ability are at challenge. In conclusion, it’s a great test of our leadership and execution capability.
How lucky I am to have you as my teammates. We do debate and joke on each other, but what more are our teamwork, mutual contribution and extra effort, time we put for our common goal. Our joint effort leads us to the result better than our peers.”
Once again, I would like to extend most sincere appreciation to you and wish you a healthy winter and a generous life.
