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.