News
AXA Profits Buck Economic Downturn
| March 9, 2010 by Rob Morris
Insurance company registers healthy revenues for the Middle East in 2009.
AXA has revealed a Middle East profit surge for 2009, despite operating in tough economic conditions throughout the year.
The company registered a $40 million net income after generating $445 million from gross written premiums, an 8.6% rise compared with 2008.
All AXA operations across the GCC reported double-digit growth ranging between 15% and 26%, apart from the UAE, which suffered a slight drop. While business in Abu Dhabi was up 26%, Dubai registered an undisclosed decline.
Jean-Louis Laurent Josi, CEO AXA Insurance Gulf and Middle East, attributed the company’s growth to employee and customer satisfaction, market support and a resilient business model.
Josi said that attempts by competitors to snatch market share “by aggressive means” would make 2010 another challenging year.
But he promised AXA would respond by developing its products, retaining existing and attracting new customers and offering good rates to claims-free clients.
On the Middle East’s likely best insurance markets for 2010, Josi said: “We see growth coming from countries like Kingdom of Saudi Arabia where we have established our new cooperative company and were recently granted a license by the Saudi Arabian Monetary Authority to sell our products there.
“We will also push for growth from the rest of the other countries where we already have our presence.”
In 2009, AXA paid out $289 million to policyholders and satisfied 60% of car flood claims arising from severe flooding in Dubai.
