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29 March 2024

Green light given to AXA

Jean-Louis Laurent Josi (SUPPLIED)

Published
By Staff Writer

Saudi Arabia's Ministry of Commerce has approved AXA Co-operative Insurance Company's, a member of the Paris-based AXA Group, commercial registration, according to the company's press statement.

This announcement follows the issuance of a royal decree approving AXA Co-operative's launch of operations as a licensed co-operative insurance company in Saudi Arabia and the Initial Public Offering, which was more than five times over-subscribed in April.

Jean-Louis Laurent Josi, CEO, AXA Gulf, said: "As the largest market in the Middle East with excellent growth opportunities, Saudi Arabia is important for the AXA Group. The establishment of AXA Co-operative in Saudi Arabia will strengthen our position as the most successful international insurance company in the region.

"AXA is one of the top five largest insurers in the kingdom and has secured the insurance arrangements of several large contracts in the kingdom."

Paul Adamson, nominated CEO, AXA Co-operative, said: "AXA Group has been operating in Saudi Arabia for more than 30 years and the establishment of AXA Co-operative will enable us to develop our operations."

 

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