AXA has locked its target on the Australian reinsurance sector as it prepares to enter the market as an onshore reinsurer after a 10-year hiatus.
Australian Securities and Investments Commission (ASIC) filings have revealed that AXA has set up AXA Life Re Australia Ltd, which is owned by AXA SA and overseen by AXA executives.
The decision comes after the Australian Prudential Regulation Authority (APRA) issued a warning on a surge in offshore reinsurers underwriting domestic life policies, limiting its ability to monitor the sector.
According to the Australian Financial Review, the new Australian arm is part of the group’s plans to set foot in the $4 billion Australian superannuation insurance market – which is currently dominated by its rivals, such as Reinsurance Group of America (RGA), Swiss Re, and Munich Re.
AXA Life Re put the cherry on top by appointing one of its Asia-Pacific executives, Yan Sun, as the new chief executive of the Australian life insurance operation. She grew up in Sydney and will return to the country after nearly a decade in Singapore.