AXA Nears Target, Eyes Further Growth in Brazil’s Insurance Market
AXA, the French insurance giant, is looking to expand its presence in Brazil after nearly reaching a significant revenue milestone. The company, which began operations in the country in 2014, is aiming for further growth in a market it sees as having strong potential.
In 2024, AXA achieved R$1.9 billion in written premiums, an increase of nearly 12% compared to the previous year. This figure is close to the R$2 billion revenue target set when the company entered the Brazilian market.
“Our plan now is to move from a still small position to a stronger one in a country with a solid population base and strong fundamentals,” said AXA CEO Thomas Buberl in an interview.
During his visit to Brazil in February, Mr. Buberl outlined the company’s three main pillars for expansion:
- Increasing market share in the corporate insurance segment.
- Developing products supporting the green transition, in which Brazil plays a key role.
- Promoting social inclusion by offering insurance solutions to consumers who have yet to access such protection.
Mr. Buberl emphasized the importance of addressing climate change-related risks. He noted that the impact of climate events in Brazil is likely higher now, citing the damaging floods in Rio Grande do Sul in April 2024. According to Mr. Buberl, the catastrophe in southern Brazil was one of the most significant events for the local insurance industry in recent years, comparable to the impact of the COVID-19 pandemic.
“With climate events becoming more frequent worldwide, addressing these risks means investing in damage prevention as well,” he said.
AXA’s global results for 2024 showed strong growth, with revenue up 8% to €110 billion and net profit increasing 11% to €7.9 billion.
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