AXA Thailand Reports Substantial Growth in Non-Life Insurance Operations, with 87% Increase in Gross Written Premiums over Five Years, Strengthening Position with Diversified Insurance Solutions and Tech Investments

Bangkok, Thailand, March 25, 2025— This week, AXA Thailand cemented its position as a rising force in the insurance sector by announcing it has achieved gross written premiums (GWP) of 6,454 million baht in 2024, representing an 87% increase from 3,452 million baht in 2020. This remarkable growth has propelled the company from 22nd to 14th in market rankings.

This growth has been driven by AXA’s customer-centric approach, portfolio diversification, and commitment to innovation.

Strategic Growth and Market Positioning

AXA Thailand’s growth is driven by strategic expansion beyond motor insurance. In 2024, while Thailand’s general insurance market saw a modest 0.5% growth, AXA reported a substantial 12.9% increase in direct written premiums to 6.454 billion baht, securing a 2.3% market share.

Key factors included its expanding health portfolio, particularly in group health, and innovative offerings like EV and PHEV motor insurance. Looking ahead, AXA targets to continue growing in 2025, leveraging the One AXA initiative to enhance efficiency and climb into Thailand’s insurance rankings again in 2025 and beyond.

Technology-Driven Innovation

AXA Thailand is embracing digital innovation to enhance customer experience and efficiency. Its “Customer Portal” simplifies claims for health and personal accident policyholders, while a partnership with Covergo ensures seamless web-based claims processing, reinforcing its commitment to operational excellence.

Customer-Centric Solutions a Market Growth

AXA Thailand continues to enhance accessibility and affordability with tailored insurance products. The newly launched Smart Traveller’s Choice allows customers to customise coverage and purchase policies online. Its health insurance portfolio serves diverse segments, from individuals to businesses, with a new SME-focused plan set to launch soon.

ESG Commitment and Community Impact

AXA Thailand remains dedicated to ESG principles, actively participating in AXA Heart in Action, focusing on water conservation. For the second year, it

has supported the Oceans for All Foundation in cleaning the Chao Phraya River, reinforcing its sustainability efforts. New ESG initiatives are in the pipeline.

We are supporting the arts through our continuous sponsorship of Bangkok's International Festival of Dance and Music.

As Thailand’s insurance market evolves, AXA is addressing key trends such as climate change, geopolitical instability, and digitalisation. The company is developing specialised solutions, including home insurance for natural disasters, customisable travel coverage, and motor insurance for EV and PHEV users, ensuring resilience in a shifting landscape.

Guillaume Mirabaud, CEO of AXA Insurance Public Company Limited, said: “Our vision for the Thai market is to turn the future from a potential risk into a powerful opportunity for growth and security. By focusing on innovation, digital transformation, and customer-centricity, we are not only shaping a more resilient and accessible insurance landscape in Thailand but also ensuring that we meet the evolving needs of our customers in an increasingly dynamic market.”

Remark: Term and condition of coverage as specified in the insurance policy.

"Our approach is both evidence-based and empathetic," Khemarangsan added. "With appropriate financial safeguards, women can pursue their business aspirations with confidence."

This initiative reinforces AXA's commitment to promoting gender equality through practical solutions that address immediate safety concerns while fostering long-term economic security.