AXA Insurance Gulf has acquired 10 percent shareholding of United Insurance Company (UIC) from Bahraini shareholders in a large premium deal.
AXA has bought 150,000 shares equally from four Bahraini companies - Bahrain National Holdings, Bahrain National Insurance, Bahrain Kuwait Insurance and Al Ahlia Insurance Company.
"We are happy to be part of this very successful enterprise which has great growth potential and accelerates our growth in the GCC market," says Andrea Rossi, CEO AXA Insurance Gulf.
United Insurance Company was set up in 1985 to protect the Bahraini public by ensuring that all vehicles entering the country carry insurance and has, to this day remained the sole provider of insurance for vehicles crossing the King Fahad causeway.
-Ends-
About AXA in the Gulf
AXA in the GCC, with a workforce of over 380 employees, 11 offices region-wide, a substantial customer base and a gross written premium of over US$ 190 million, is a major international insurer in the Middle East offering a wide range of insurance products and services for corporate and individual customers.
About AXA worldwide
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,064 billion in assets under management as of December 31, 2005. For full year 2005, IFRS revenues amounted to Euro 72 billion and IFRS underlying earnings amounted to Euro 3,258 million. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
For additional information, please contact:
AXA Insurance Gulf
Lianne Braganza-D'Sylva
Asst. Gulf Marketing Manager
+971 4 3150115
Email: lianne.dsylva@axa-gulf.com
www.axa-gulf.com
© Press Release 2007
