AXA Global (also known previously as AXA PPP)
AXA PPP International is part of the AXA Group, and is based in Tunbridge Wells in Kent, UK. The AXA group dates back to 1817. The name ‘AXA’ was adopted in 1985 because Claude Bébéar, the CEO at the time wanted a short, snappy name that communicated vitality and could be pronounced the same in any language!
AXA PPP was originally known as The London Association for Hospital Services, set up in 1938 as a private healthcare scheme for people of middle income in London. The company was incorporated in 1940 with assistance from the British Medical Association, the King’s Fund, and the medical royal colleges. By 1960 it had grown to approximately 121,000 members. Guardian Royal Exchange Assurance acquired PPP healthcare in 1998 only to be themselves acquired by Sun Life & Provincial Holdings, part of the AXA group in 1999.
The phrase ‘Private Patients Plan‘ was used in the National Health Service to refer to a co-operative venture between the state and private enterprise, where private enterprise would step in to cater for areas not being covered by the state.
AXA PPP International came into being in 2009 in order to better serve the needs of the growing expatriate market. AXA PPP aims to set up a Hong Kong servicing centre in 2016 in order to give better attention to its expanding client base. It is also aiming to have a compliant product offering in Dubai in the same time frame.
In a market where a 10%+ price increase year by year is normal, AXA PPP has managed to typically keep the rate of premium increases under 10%.
Company History
- 1817: The origins of AXA go back to the 19th century. AXA is created by the merger of several companies that covered agricultural risks in Normandy. The oldest of them located in Belbeuf, near Rouen, insured companies against fire.
- The foundations of the future AXA Group are established on the merger into a single unit of three insurance activities – fire, life, and accident – that had previously been independent. This was the Ancienne Mutuelle group, the historic ancestor of AXA.
- 1955: The Ancienne Mutuelle Group opens the road to international markets by acquiring the Quebecois company Provinces-Unies.
- Recently graduated, Claude Bébéar joins Ancienne Mutuelle. He transfers to its Canadian subsidiary, where he develops life insurance products. In 1975, he becomes Chief Executive and returns to France to accelerate his international vision of business.
- 1977: Reinsurance becomes a business in its own right, with the creation of AMRé (Ancienne Mutuelle de Réassurance). This innovation rapidly thrusts the company into a leading role in global financial markets.
- Mutuelles Unies acquires the Drouot Group. Claude Bébéar becomes CEO of the new Mutuelles Unies/Drouot Group, #1 in private insurance in France.
- 1996: A public exchange offer enables AXA to acquire UAP (Union des Assurances de Paris), which is twice its size. By acquiring UAP, AXA becomes the largest French company in terms of turnover, and the world’s #1 leader in insurance.
Company Annual Report
Insurance from AXA Global
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