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AXA SWOT & PESTLE Analysis

ID : 52273353| Sep 2018| 16 pages

COMPANY PROFILE -AXA

Business Sector :Financial Services (Diversified Insurance)

Operating Geography :France, Europe, Global

About AXA :

Founded in 1817 by Claude Bebear with name ‘Mutuelle de L'assurance contre L'incendie’, AXA (name adopted in 1985) is a multinational insurance firm. It is headquartered in Paris, France and has an employee strength of about 165,000 operating in 64 countries (as per the official company website) serving 107 million customers. The AXA Group has a strong presence in the Middle East, Western Europe, North America and the Asia Pacific region. AXA operates in the following five Insurance business verticals which are Life & Savings, Property & Casualty, International Insurance (including reinsurance), Asset Management and Other Financial Services. The property and casualty insurance products include motor, household, property and general liability insurance besides a variety of retail banking products and services. It is also the parent company of the online insurer Swiftcover, dental payment plan provider Denplan, distribution business Bluefin and fund manager Architas. AXA serves its clientele base comprising of individual and business customers through agents, sales force, brokers, independent financial advisors and bank networks. Product marketing also happens through direct sales channels including phone, electronic -mail and internet.

AXA Revenue :


€ 98.5 billion – FY ending 31st Dec, 2017 (y-o-y growth (negative) – 1.65%)
€100.2 billion – FY ending 31st Dec, 2016

Competitive Analysis of AXA

SWOT
PESTLE

The SWOT analysis report of AXA presents the internal analysis and external analysis of the Company with insightful details of the current market position and future growth strategy of this international insurance player. The SWOT analysis essays the detailed business case of AXA covering strengths, weaknesses, opportunities and threats. AXA's competitive advantage lays in its well established brand which consumers can easily connect to and diversified offerings in different portfolios for safeguarding against risks in all spheres of life. The Company is committed to adapt and respond to changing consumer needs in a rapidly changing digital ecosystem with its “Focus” and “Transform” program which are the two strategic pillars that provide the foundation for a new vision for AXA. Although AXA has not shown rapid growth, the insurance provider has illustrated sound ability to translate strategy into success via geographically diversified acquisitions, seamless integration process and innovative offerings.

Strengths
Weaknesses
1. Well-established brand
2. Joint Ventures and subsidiaries in many countries reduce business risk
3. Continued growth for consecutive years
1. Overdependence on European region
2. High Attrition rate of employees
Opportunities
Threats
1. Aging population in China to increase demand for insurance
2. New acquisitions and expansion
3. Assets management sector
4. Innovative products to mitigate impact of climate change
5. Introduce wide range of pension plans for retirees and ageing population
1. New conservative business policies in the US
2. Insurance frauds
3. Uncertainty in the European Union after Brexit
4. Intrusions from players whose core business is not insurance
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Detailed SWOT Analysis of AXA

 

Strength

1. Well-established brand: The legacy of this group goes back to 1817 when Mutuelle de L'assurance contre L'incendiewas established, however, the name “AXA” came into force in the year 1988. Over the years AXA Group had maintained its performance and its current S&P ratings are AA-, Moody’s rating Aa3 and Fitch rating AA-. In 2016, for the eighth consecutive year, AXA Group was named the leading global insurance brand by ‘Interbrand’. The brand power of AXA lay in its investment in building a strong brand portfolio. It is the only international brand which operates in both life & savings and property & casualty insurance.

2. Joint Ventures and Subsidiaries in many countries reduce business risk: AXA has joint ventures in many developed economies like the UK, Canada, United States, Middle East, etc. In the UK AXA have subsidiaries like AXA Sun Life, AXA PPP Healthcare, etc. In Canada, AXA Canada provides insurance services. In US AXA Advisors, AXA Equitable Life Insurance, AXA Network, etc. are AXA subsidiaries. Apart from these subsidiaries, AXA has many joint ventures such as Philippine Life Insurance, Krungthai Life Insurance, PT AXA Mandiri Financial Services, Bharati AXA Life, Reso Garantia and much more. Hence we see the AXA has reduced its risk by diversifying.

3. Continued growth for consecutive years: AXA Group has shown increase in revenue in every year since 2011 with revenue of 100,193 Million Euros in 2016. Also, regarding Net Income and Earnings AXA Group has shown growth in consecutive years since 2010 and in the year 2016 it had recorded Net Income and Earnings of 5,829 Million Euros and 5,688 Million Euros respectively. Such strong growth over the years gives positive signs about the future course of the company. AXA has shown good track record of successful implementation of new projects. It has built a strong and reliable distribution network and boasts of a great market reach in the target economies.

Weakness

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Opportunity

1. Aging population in China to increase demand for insurance: During the years when one-child policy was in effect, life expectancy in China rose from 67 to 75. It can be forecasted that China will have the highest number of retirees in the coming years. As per Forbes report, China’s dependency ratio of retirees could rise as high as 44% by 2050. This is expected to give boost to sales of health and retirement products in China. Hence AXA need to expand its operations in China.

2. New acquisitions and expansion: Around 40% of world’s GDP is held by emerging countries, however, emerging countries account for only 17% of the insurance market. AXA has very little presence in Africa and China. This can be best done by forming joint ventures or powerful partnerships in these regions which contribute genuine business growth drivers. There is a huge growth scope in Asia too, where AXA is trying to ramp up cross-selling through local partners in various markets. They can also leverage their micro-insurance solutions to rope in low income earners who are by and large omitted from mainstream insurance. Besides AXA can also use focused organic growth to support Asia's rapidly growing economy.

3. Assets management sector: The contribution of Asset management activities at AXA Group to consolidated gross revenues have dropped from 3,822 Million Euros to 3,710 Million Euros in the year 2016. The Banking segment has accounted for less than 1% of total group revenues. AXA has ranked 9th based on the volume of assets under management. Hence there is great opportunity for AXA Group to improve in this segment to beat the competitors.

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Threat

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AXA SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). AXA SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/axa/ [Accessed 05 Apr, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

AXA SWOT and PESTLE analysis has been conducted by Siddhesh Suhas Salkar and reviewed by senior analysts from Barakaat Consulting.

Copyright of AXA SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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