23 January 2017
The partnership will see AXA's Motor, Home & Contents, Travel and Personal Accident insurance products offered to HSBC customers

Dubai, UAE: HSBC Bank Middle East Limited has signed an exclusive agreement with AXA Gulf to distribute AXA’s General Insurance products in the Gulf region, starting in the United Arab Emirates, with other Middle East markets to be considered in the future.

The agreement marks the coming together of two global leaders in their respective fields, and extends HSBC’s global relationship with AXA. This partnership covers AXA’s General Insurance retail product lines, allowing HSBC retail customers access to motor, home & contents, travel, and personal accident insurance products. Customers will be able to subscribe to these services from February 2017.

The agreement will help to improve access to insurance products across the Middle East region, where some countries are reported to have the lowest insurance penetration rates in the world.

Gifford Nakajima, HSBC’s Head of Wealth Development, Retail Banking and Wealth Management, for Middle East and North Africa said: “This partnership is another important step in our customer centric strategy at HSBC. Since we are committed to helping people meet their life goals, part of this is to ensure we are also supporting them to protect these ambitions. Through this new set of comprehensive General Insurance solutions, our customers will have peace of mind across a range of their insurance needs. We have also made sure that these services will be easily accessible through our advanced digital platforms and branch network across the UAE.”

Cedric Charpentier, AXA Gulf CEO, said: “We are proud to partner with HSBC, an organization we can closely identify with due to the similar ambition we share. At AXA, we always put the customer at the centre of the business and consistently invest in our offerings to ensure we meet their needs.”

“Our global reach and wealth of knowledge will further support HSBC customers, along with our ability to provide them with fast, reliable and seamless world-class insurance solutions,” added Charpentier. “The key to success is to remain close to your customers and respond to their expectations, something we continually strive to do at AXA.”

This exclusive General Insurance partnership is an opportunity for both organizations to provide mutually beneficial services to customers and to expand their relationship geographically within the region.

For more information, please visit: www.hsbc.ae/general-insurance  

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HSBC in the MENA Region
HSBC is the largest and most widely represented international banking organization in the Middle East and North Africa (MENA), with a presence in 9 countries across the region.  HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Lebanon and Algeria. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.

This presence, the widest reach of any bank in the region, comprises around 250 offices and 11,000 employees. In first half of 2016, HSBC in the MENA region made a profit before tax of US$ 985m.

ABOUT AXA in the Gulf
With a workforce of over 1,000 employees, 44 branches and retail shops region-wide, more than 1 million customers and 2015 gross written premium of over US$ 963 million, AXA is one of the largest international players in the GCC. Present in the region for more than 65 years, AXA in the Gulf offers a wide range of insurance products and services for corporate, SME and individual customers. The company has been awarded General Insurance Company of the Year for the second consecutive year and Health Insurance Company of the Year at the 2015 Middle East Insurance Industry Awards (MIIA), Insurer of the Year and Personal Lines insurer in 2016 at the MENA Insurance Awards and Best Motor Insurance Product by the Banker Middle East in both UAE & KSA. 

As part of AXA’s Corporate Responsibility and its commitment to building better understanding about the health risks faced by individuals and the society, the company achieved a new Guinness world record for the most blood cholesterol readings in 8 hours at a single venue in 2014.

Website: www.axa-gulf.com

© Press Release 2017