KSA offers strong growth opportunities in the region, says AXA Group Chairman & CEO

Riyadh, April 24, 2013: In a step that reinforces its commitment to the Middle East, Mr Henri de Castries, Chairman and CEO of AXA Group - worldwide leader in insurance and asset management serving 102 million clients globally, today visited the Kingdom of Saudi Arabia [KSA].

The visit of Mr de Castries to KSA comes amidst AXA delivering robust financial results in 2012. The company recorded revenues worth Euro 90.1 billion and underlying earnings amounting to Euro 4.3 billion in 2012, and had Euro 1,116 billion assets under management. In the past decades, AXA Group has built the one of the largest insurers worldwide and is the number one global insurance brand for the fourth consecutive year[1].

Mr de Castries said: "The Kingdom of Saudi Arabia is a key market for AXA as it shows strong growth opportunities, mainly due to a growing economy, low insurance penetration levels and increasing risk awareness of the population and thus growing insurance needs to address. The insurance market in the Kingdom has a great future and we are committed to work with the regulatory bodies, partners and teams here, who have made this success possible. We aim to support the current business model here by leveraging AXA Group's strengths and expertise."

During the year, AXA maintained its growth and profitability across the globe with a strong focus on delivering its strategic plan "Ambition AXA" by being more selective and by shifting its new business towards more profitable segments that address evolving customer needs. Also, AXA Group has shared its willingness to invest more in the high growth markets.

Regionally, AXA also recorded strong financials with a growth of more than 20% of its premiums reaching US$626 million. AXA over the last years has become the leading non-life international insurer in the GCC.

AXA which operates in KSA under AXA Cooperative Insurance Company, has been in the country for over 30 years and has established a strong presence in the Kingdom's three economic centers. The Saudi insurance market is experiencing the fastest growth in the GCC region now representing over 35% of total Gross Written Premium of the Region due to a fast growing economy and population and a low insurance penetration.

For AXA the visit of the Group CEO & Chairman supports the strong interest of AXA to grow in the Kingdom and aimed at defining how AXA Cooperative could leverage further AXA Group's global strengths & expertise.

AXA Cooperative has strong growth plans for KSA, and notably in the retail side (motor, home and travel insurance) on top of the sustainable increase of the Commercial Lines business driven by the public investments. The company wants to become more available and enhance customer experience by implementing its multi-access strategy. It has recently announced its expansion strategy to open nine new outlets in the country this year on the top of the existing three shops. It also plans to continue to invest in distant channels such as call center and digital to ensure a seamless experience for all its customers.

He added: "Our objective here is to become the preferred insurance company for customers, distributors, employees and shareholders in KSA, and ensure that AXA Cooperative is fully aligned with the market needs."

In his comments, Jérôme Droesch, Chairman of AXA Cooperative Insurance, talked about the growth of AXA Cooperative since its formation. "We have seen amazing growth in the last five years and notably since receiving our licence in the country in February 2010 reaching SAR 460m in 2012. We have continued to relentlessly pursue efficiencies and product innovations to extend competitive advantage and value for policyholders in the evolving market environment. We are committed to grow in this country by engaging and building the capacities of Saudi nationals in the insurance sector."

AXA Cooperative, supported by AXA Group, also announced it plans to continue to grow in KSA in the coming years. In doing so, AXA will further enhance its footprint and aim to increase customer service levels in Saudi Arabia. This strategy will strongly support its market leadership in the region and beyond. Since its inception, AXA Cooperative have always believed in doing things for the better - to make its services more available, its approach more attentive and the delivery more reliable.

© Press Release 2013