AXA Profits Buck Economic Downturn

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.

AXA Secures Licence To Sell In KSA

AXA Cooperative Insurance Company has secured a licence from the Saudi Arabian Monetary Agency (SAMA) to sell policies in the Kingdom. The company can now offer products in accordance with the Kingdom’s cooperative insurance laws and regulations to Saudi customers. It had already received permission to market and sell motor and medical insurance prior to SAMA’s approval.

Shaking Things Up

Policy caught up with Jean-Louis Laurent Josi, CEO Axa Insurance Gulf, to chart the company’s progress in the region and gage the impact of the global slowdown.