Axa records 19% profit growth in the Gulf

09/03/2010 - Northern Emirates Property & Investment News
Axa records 19% profit growth in the Gulf

Posted by Bob Brunskill

The insurance firm Axa recorded a 19 per cent profit growth across all its operations in the Gulf Cooperation Council (GCC) during 2009.

According to Jean-Louis Laurent Josi, head of Axa Insurance Gulf & Middle East, the growth was made possible thanks to the company's business model, the engagement of staff at all levels and the trust clients had shown in the firm.

The company noted that all the countries in the GCC, with the exception of the UAE, had reported a double digit growth of between 15 per cent and 26 per cent. In the UAE, Abu Dhabi increased by 25 per cent whilst Dubai was slightly down.

Axa is the largest international player in the region and is currently ranked in the top five of the largest companies in terms of net earned premiums.

Mr Laurent Josi said: "Axa will continue investing in the region and soliciting feedback from its customers in order improve products and services."

Axa's operations in the Middle East include a workforce of over 650 employees, 12 offices region-wide, more than 500,000 customers and a gross written premium of over US$ 445 million.