27 May 2015Bank Muscat
, the flagship financial services provider in the Sultanate, and AXA Gulf
- one of the largest international insurers in the region - signed a 10-year partnership agreement to offer bancassurance products covering life protection, investment and savings to Bank Muscat customers.
The formal agreement was signed by AbdulRazzak Ali Issa, Chief Executive of Bank Muscat, and Jérôme Droesch, CEO of AXA Gulf, at the bank's head office attended by senior officials from Bank Muscat and AXA Gulf.
The strategic partnership between Bank Muscat and AXA Gulf marks an important milestone for both companies and a significant step in the local insurance sector. The alliance combines the regional expertise and footprint of Bank Muscat with the global knowhow and technical capabilities of AXA, to create a unique platform for growth. The agreement is designed to deliver greater value and service to Bank Muscat customers, who are increasingly seeking quality insurance solutions.
In his comments on the agreement, AbdulRazzak Ali Issa said: "Bank Muscat is proud to sign this unique partnership agreement with AXA and widen the scope of partnership offering a wide range of bespoke bancassurance products for customers. The Oman insurance market which recorded 15 per cent average growth in the last five years is projected to grow at a rate of 18 per cent in the next five years. With global insurance partners like AXA Gulf, Bank Muscat is in a position to offer comprehensive insurance and savings products catering to all customer needs. The bank's unique and largest distribution footprint and the global knowhow of AXA add significant value for the partnership."
Jérôme Droesch said: "We are very pleased to partner with Bank Muscat to offer life insurance products. Our collaboration started in December 2013 with a successful partnership to offer health insurance to Bank Muscat customers. This strategic agreement will reinforce our relationship with Bank Muscat, allowing us to expand our life insurance solutions in Oman and at the same time ensure peace of mind, serenity and stability through unique life and savings plans to Bank Muscat customers. With the wide distribution network of Bank Muscat and under their leadership, we are convinced that we can increase risk awareness and promote the benefits of insurance in Oman to ensure each and every customer is well protected. We look forward to working with Bank Muscat and we are sure that this partnership offers a lot of opportunities for investment and growth in Oman leveraging two leading brands in their respective industries."
Bank Muscat customers will be able to purchase insurance through a phased roll-out in the extensive network of 140 branches of Bank Muscat, with access to AXA Insurance advisors for quality service. AXA will also provide medical insurance for Bank Muscat's corporate clients, including small and medium enterprises.
In December 2013, Bank Muscat, in partnership with AXA Insurance, launched a first-of-its-kind health insurance product in Oman offering full coverage for treatment ranging from simple medical check-ups to chronic illness for individuals. The unique health insurance plan available in three variants targeted at the blue collar, salaried and affluent segments of society has evoked strong response.
About The AXA In The Gulf
With a workforce of over 1,000 employees, 39 branches & retail shops region-wide, more than 1 million customers and 2014 gross written premium of over US$ 937 million, AXA is one of the largest international player in the GCC. Present in the region for more than 60 years, AXA in the Gulf offers a wide range of insurance products and services for corporate and individual customers.The company has been awarded Insurer of the Year for the 5th consecutive year in 2014 and Personal Lines insurer for the 3rd consecutive year in 2015 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.
About The AXA Group
The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in assets under management as of December 31, 2014. For the sixth year in a row, AXA has maintained its position as a leading global insurance brand, placing it among the world's 100 Best Global Brands by Interbrand as well as the Best Global Green Brand in insurance, putting AXA in the top 50 of all global green brands.
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© Press Release 2015