Middle East - UAE: AXA Green Crescent focuses on life insurance

Source: Middle East Insurance Review | May 2016

AXA Green Crescent Insurance plans to focus on life insurance and to be selective in the health sector to increase profitability, said CEO Hassen Bennour.

The company wants to capture 7-10% of the market share in the life segment over the next 10 years, he disclosed.

The joint venture between AXA Gulf and the Kanoo Group is focusing on life insurance because it is still an under-penetrated market in the UAE, reported The National newspaper.

“Life insurance is still developing in this part of the world but we still believe there is a strong potential, especially in the UAE market, and this is why we are launching quite an ambitious plan to develop solutions and products that would cover the needs of protection and savings for the UAE population,” said Mr Bennour.

AXA Green Crescent was renamed from Green Crescent Insurance Company (GCIC). AXA Green Crescent converted an AED100-million (US$27.2 million) bond into equity, raising its capital to AED200 million.

AED1 = US$0.27

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