AXA Philippines opens in Bohol

Recognizing the economic potential and dynamism of the Visayas, AXA Philippines recently opened a branch in Tagbilaran City at Victoria 1 Building along Gallares St.

AXA Philippines considers Bohol as one of the fastest-growing provinces in the region and the Tagbilaran City is its gateway to the Bohol market.

According to its sales director for agency in Visayas and Mindanao, BJ Joseph Legaspi, they chose Tagbilaran after noting that the number of Overseas Filipino Workers is constantly growing and the middleclass is stronger here, aside from tourism.

After Bohol, AXA Philippines eyes Mandaue City in Cebu, Dumaguete City in Negros Oriental and Leyte.

Axa Philippines executives led the ribbon-cutting ceremony for the opening of its Tagbilaran branch on Monday, July 25, at the second floor of Victoria Huan Bldg. at Gallares St.

As one of the fastest-growing insurance companies in the country, AXA Philippines aims to expand its footprint across the country, especially in underserved areas outside the capital.

Although AXA Philippines has had an office in Cebu for the past 17 years, the Tagbilaran office is the first office in Bohol that will serve the financial needs of the Boholanons.

The move reflects AXA Philippines’ recognition of the potential of the Visayas provinces, where Annual Premium Income reached P283 million in 2015.

AXA Philippines is confident that its strengthened Visayas operations will help boost sales, which stood at P1.1 billion as of the end of the first quarter of 2016. In 2015, new business sales reached P4.76 billion, driven by the strong performance of its distribution channels.

Two-thirds of AXA Philippines’ sales in 2015 came from the bancassurance channel, reflecting the strong partnership between AXA Philippines and its main distribution channels, Metrobank and PSBank.

The remaining one-third came from AXA Philippines’ agent sales, which is expected to get a boost as AXA Philippines increases its support for agents.

As of end 2015, AXA Philippines had 2,678 agents, backed by 449 operations and support staff and 602 financial executives servicing 921 Metrobank and PSBank branches.