AXA reports 19% net income growth

Dubai: AXA Insurance yesterday reported a 8.6 per cent growth in gross written premium (GWP) to $445 million (Dh1.6 billion), a statement said, while net income jumped 19 per cent to $40 million.

Jean-Louis Laurent Josi, CEO AXA Insurance Gulf and Middle East, said, "In the midst of economic uncertainty and adverse environment conditions, AXA has demonstrated its resilience and sound technical expertise with its 2009 results."

Its solvency ratio reached at 149 per cent as of last December 31 (net of proposed dividend) while the company claimed that customer satisfaction reached 88 per cent.

"This strong performance during such a turbulent time has been made possible thanks to our business model, the engagement of our staff at all levels and the trust clients have by placing their risk with us," Josi said.

"Thanks to our well diversified geographical presence in the GCC, all the countries in the GCC, with the exception of the UAE, reported a double digit growth between 15 and 26 per cent. In the UAE, Abu Dhabi increased by 25 per cent while Dubai was slightly down. AXA is the largest international player in the region and in the top five companies in terms of net earned premiums."

He said the year 2010 will be a challenging year with competitors trying to grab market share by aggressive means. AXA will continue investing in the region and soliciting feedback from its customers in order improve products and services.