Krungthai-AXA Life Insurance has appointed Nicolas de Nazelle (pictured) as acting chief executive officer, effective immediately and subject to regulatory approval in Thailand. He replaces Knattapisit Krutkrongchai, who has stepped down from the role. De Nazelle has worked at AXA Group since 2009 in a range of finance positions at global and regional levels. In 2023, he was named chief financial officer of AXA International Markets and also led its strategy team.
Since January 2026, De Nazelle has served as CEO for Southeast Asia and Korea, with responsibility for AXA’s operations in several Asian markets. He joined the board of Krungthai-AXA Life in 2023 and is a member of the joint executive committee between Krungthai Bank and AXA. In these roles, he has taken part in setting the insurer’s strategic agenda and in overseeing its bancassurance partnership with Krungthai Bank as a distribution channel for life and health products in Thailand. Krungthai-AXA Life said it intends to maintain its current strategic direction as a life and health insurer in the Thai market, in line with AXA’s stated purpose of “acting for human progress by protecting what matters.” The appointment comes as international groups review regional structures and local governance to reflect broader business plans.
The leadership transition at Krungthai-AXA Life follows a year of higher earnings for AXA Group and continued changes to its business mix. For the 2025 financial year, AXA reported gross written premiums and other revenues of €116 billion, up 6% from 2024. Underlying earnings increased by 6% to €8.4 billion. Excluding AXA Investment Managers (AXA IM), which was sold to BNP Paribas in July 2025, underlying earnings growth was 9%. The group has presented the AXA IM divestment as part of a shift toward a more concentrated insurance and protection portfolio.
In property and casualty, AXA reported premiums of €58 billion for 2025, an increase of 5% from the previous year. Commercial lines rose 4%, while personal lines grew 7%. The group cited pricing effects in several territories as a driver of the premium growth. Within commercial lines, AXA XL Insurance posted 3% premium growth, with conditions in property and casualty offset in part by lower pricing in financial lines. In personal lines, European business expanded 5%. AXA noted that UK and Ireland motor rates eased after significant price increases in 2024. These shifts in European markets can influence programme structures, treaty terms, and rate discussions that extend to multinational placements and cross-border business, including Asia.
The life and health segment recorded revenues of €56.5 billion, up 8% year on year. Health premiums grew 17%, which chief executive officer Thomas Buberl said reflected the strength of the portfolio even after tax changes in Mexico. Life premiums increased 9%, supported by protection business in Hong Kong, Switzerland, and Japan, alongside a 13% rise in unit-linked products. Net flows in life and health reached €5.4 billion, compared with €1.5 billion in 2024, largely from protection and health products. These segment results are in line with AXA’s stated focus on protection, health, and unit-linked offerings in Asia and other regions. As CEO for Southeast Asia and Korea and acting CEO of Krungthai-AXA Life, de Nazelle has oversight that links regional capital and product decisions with the Thai joint venture.
