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AXA MBASK records 60 per cent rise in premiums

Business Materials 26 October 2011 15:31
The AXA MBASK insurance company reports that over the first three quarters of 2011 it managed to maintain optimistic premium collection trends and has collected 9.878 million manat. This figure exceeds the 2010 same term index by more than 60 per cent.
AXA MBASK records 60 per cent rise in premiums

Azerbaijan, Baku, Oct. 26 / Trend /

The AXA MBASK insurance company reports that over the first three quarters of 2011 it managed to maintain optimistic premium collection trends and has collected 9.878 million manat. This figure exceeds the 2010 same term index by more than 60 per cent.

In Jan-Sept 2011, the share of premiums on automobile insurance made up 57 per cent (5.6 million manta with an increase of rise 46 per cent), property insurance 23 per cent (2.2 million manat; rise: 207 per cent), cargo insurance 5 per cent (444,398 manat; rise: 147 per cent).

The company's compensations payment totalled 2.348 million manat. Most of these were paid on contracts for automobile insurance - 1.76 million manat. Then follow the contracts for health insurance (444,764 manat), OCAGO (69,477 manat) and accident insurance (25,537 manat).

Insurance company deputy chairman Rashad Abbasov said that estimating the results of work for Jan-Sept 2011, he can confidently say that this year was a truly indicative stage, confirming the correct development strategy under the new global brand AXA.
He believed the achieved results confirm the company's reputation, experience gained and the stable position in the insurance market.

He added: "The basis of our success is purposeful activity and significant changes in sales techniques and customer service, training and professional development of insurance agents and the use of the latest information technologies in situ."
AXA Group is a world leader in financial protection operating in 57 countries world-wide with the highest concentrations of business in Europe, North America, Asia-Pacific and the Middle East.

With 90bn euro under revenues and EUR 3.5bn under profits, AXA Group tops the world rating of the largest insurance companies and is also one of the leaders in financial investment insurance. The company had more than 210,000 people employees and served 96 million customers around the world since the beginning of 2011. According to financial information agency AM Best, AXA was the world's largest insurance in terms of net premiums in 2009.

The official exchange rate is 0.7869manat to $1 on Oct. 26.

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