Abu Dhabi-listed Axa Green Crescent Insurance Company has said it will diversify its revenue sources to address accumulated losses.

The company reported on Friday that its accumulated losses as of December 31, 2021 have reached 78.04 million dirhams ($21.2 million), representing 39 percent of the capital.

To address the losses, a new "underwriting approach" has been applied to improve the quality of Axa Green Crescent's underwritten business, the company said in a statement to the Abu Dhabi Securities Exchange (ADX), where its shares trade.

"Since the life insurance market penetration is low in the country, we will continue exploring other lines of business to diversify sources of revenues and to improve our cross-sell," the company said.

French insurance giant Axa Group had exited the company in 2020.

Axa Green Crescent has been incurring losses since prior to the pandemic, driven by a fall in premiums.

(Writing by Cleofe Maceda; editing by Daniel Luiz )
cleofe.maceda@lseg.com