AXA net income surges 14pc to $46 million
Manama, May 13, 2011
Insurance and asset management group AXA said its gross written premiums in the region rose nearly 10 per cent to $482 million while net income was up 14.5 per cent to $46 million.
As the economy edges towards recouping losses and a more stable recovery, Axa has maintained its resilience and implemented strategic and operational initiatives in 2010 to improve its position for the future, said a top official.
'Thanks to our well diversified geographical presence in the GCC, our business model, the engagement of our staff and the trust of our clients, we have been able to weather this turbulent time with solid results and a strong balance sheet said AXA Gulf region chief executive officer Jereme Droesch.
'All the countries contributed to the growth and as for the lines of business - motor, health and property were the main contributors to our profits.
'We are committed to this region and will definitely continue to invest significantly. We want to increase the quality of service to our customers and to our different networks in order to be closer to our clients.
'We want to increase AXA's market share in the GCC with a strong focus on personal lines and the small and medium enterprises portfolio.'
'Last year was the year of cementing our industrialisation model, improving our processes, and investing heavily in our infrastructure and IT solutions,' he added.
'I see us reaping the benefits of these investments thereby keeping us ahead of competition and poised to take on new challenges and different markets,' he added.-TradeArabia News Service