Varley’s title, effective immediately, is head of high net worth – Asia, and he is to be responsible for developing and marketing investment and protection products designed specifically for the HNWI sectors in the region.
He will continue to be based in Hong Kong.
“We are planning to leverage our existing presence in these markets [Hong Kong and Singapore] to push further into the whole of life, critical illness and jumbo term life product areas, with unique products designed specifically for the needs of wealthy individuals who live in Asia,” Varley said.
Axa Hong Kong and Axa Singapore are particularly optimistic about the potential interest in this market for the company’s lump sum and life-wrapping products, which are marketed through its Evolution Portfolio Bond, he added, as these enable individuals to “wrap assets in insurance for the purposes of investment growth, estate planning and asset protection”.
“Axa Hong Kong and Axa Singapore are already gaining significant traction in the lump sum market with Asian HNWI, leveraging their our existing partnership with Axa Wealth International,” Varley said.
Distribution will be through private banks, high net worth brokers, family offices, trust companies, lawyers and directly with HNW individuals themselves, he added.
For the past year, Varley has been involved with another new operation at Axa Asia, Regional Protection and Health Development, which has also been seen by the company as a major sector for regional growth.
Prior to this, he set up and for four years managed thean Axa Hong Kong international brokerage business.
Varley reports to Stuart Harrison, chief executive officer of Axa Hong Kong (Life and General Insurance), and Glenn Williams, chief executive officer of Axa Singapore (Life).