AXA Thailand aims for double-digit uptick

AXA Insurance Thailand is targeting double-digit growth in 2026, driven by expansion in health and commercial lines, with an executive citing last year’s Hat Yai floods as awake-up call that underscored rising protection needs in Thailand.

- BOONSONG LIPIMAS

Chief executive Guillaume Mirabaud said 2025 marked a turning point for the French insurer, resulting in a strategic shift towards profitability and sustainable growth rather than pursuing volume at any cost.

The Thai unit of AXA posted gross written premiums of around 6.6 billion baht in 2025, up 3-4% from the previous year.

Growth was led by commercial lines and health insurance, while motor insurance, still its core portfolio, remained flat.

AXA’s portfolio comprises 50% motor insurance, 25% health insurance, 20% commercial lines, and the remainder from lifestyle, travel and other products.

Motor insurance stagnated in 2025 as the company adjusted its strategy, moving away from authorised repair garages towards more non-authorised repair networks to better manage claims costs.

“We focus on profitability over volume,” Mr Mirabaud said. “We don't want to fight for volume.”