Partnership provides an edge for AXA's aggressive growth plans in the Retail and SME segment
AXA Cooperative Insurance Company has chosen Wasilah Insurance Agency as its business partner in the Kingdom of Saudi Arabia. The agency contract was signed today, Tuesday, 20th September 2011. Under this contract Wasilah, a newly licensed agent will exclusively market, distribute and sell insurance products offered by AXA Cooperative Insurance in the Kingdom.
In order to meet client demand for international expertise, AXA's products will cover mainly Retail products & also cater to the SME sector. It will operate in the following lines of business: Motor Insurance; Property Insurance; Marine Insurance; Medical Insurance; General Accident as well as other insurance instruments. Wasilah's insurance services will cover the Kingdom of Saudi Arabia through its main branch in Riyadh and around 10 point of sales due to be opened in the next 3 years in the three main cities of the Kingdom. The head office in Riyadh will be responsible for supporting all branches around the Kingdom in addition to its overall operations.
The Saudi insurance market is considered one of the largest in the Middle East & North Africa (MENA) region. In 2010, Gross Written Premiums (GWP) in Saudi Arabia reached SR 16.4 billion, up from SR 14.6 billion in 2009. This represents an increase of 12.2%, compared to a 33.8% growth rate in 2009 according to the Saudi Insurance Market Report (2010). With a population of approximately 28 million (as of July 2008), the country's market potential is enormous in comparison to some of the smaller surrounding countries.
"We see tremendous growth coming from KSA. We were very pleased to be granted our insurance license last year. Wasilah Insurance is a fitting partner to promote AXA Cooperative Insurance's products and services in the Kingdom and they will be a key contributor towards our gaining dominance in the Personal Lines and SME line of business. It should represent as much as 15% of AXA Cooperative premiums in 3 years. This partnership shows that AXA will continue to invest in the region and our focus will be to seize the huge potential this market has to offer. We will leverage our international expertise and adapt our services and offerings to suit the local Saudi clientele. We will also continue investing in our employees and will use the large pool of well educated Saudi nationals as a prime source of recruitment and expertise." said Jérôme Droesch, Director of AXA Cooperative.
Says Khalid Al Rubaian, Board Member & Owner, Wasilah Insurance Agency, "We are pleased that AXA Cooperative Insurance Company, one of the leading insurance companies in the Kingdom, has chosen Wasilah Insurance Agency to be their business partner. Wasilah is staffed by proven professionals committed to providing our clients with highly personalized service. We focus on providing a level of service unparalleled in our industry and to earn lasting relationships built on a foundation of honesty, integrity, and trust. I'm sure with AXA international expertise and the experience and knowledge of the Wasilah Board and Management supported by insurance matter experts with locally based expertise of international quality and standards; we will make a difference in the industry. "
Paul Adamson, Managing Director of AXA Cooperative, said: "The culmination of this agreement brings us closer to our overall commitment of expanding within the Middle East. Our customers will now be able to access us quicker and more easily. We have already seen encouraging signs from our partners and clients ever since we received our license. In the past we have also demonstrated our strength and ability as one of the world's largest insurers especially when it came to claims settlement and financial support to our clients. We trust that this reputation will carry us forward as we continue to grow and introduce new products to the kingdom."
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About the AXA Group
AXA Group is a worldwide leader in insurance and asset management, with 216,000 employees serving 93 million clients. In 2010, IFRS revenues amounted to Euro 91 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,104 billion in assets under management as of December 31, 2010. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). AXA's American Depository Shares are also quoted on the OTC QX platform under the ticker symbol AXAHY. The Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
AXA Cooperative is listed on the Tadawul market since 2010 (AXA.AB)
About Wasilah Insurance Agency
Wasilah Insurance Agency is a multi-line agency newly licensed in the Kingdom of Saudi Arabia. The headquarters are based in Riyadh with 2 regional offices are scheduled to open in Jeddah and Dammam in 2012 as a step to expand to cover the Kingdom in the coming years. Wasilah's goal is to ensure that all its clients - individuals or businesses, fully understand insurance and its benefits, while utilizing a plan that matches their specific needs.
© Press Release 2011
