French insurance company’s subsidiary plans to increase share on Azerbaijani market

Business Materials 17 May 2012 16:13 (UTC +04:00)

Azerbaijan, Baku, May 17 / Trend A. Akhundov /

The Azerbaijani insurance company AXA MBASK plans to bring its stake in the country's insurance market to 10 percent by 2015, Chairman of the Board Yavuz Olken told Trend today.

"We have a strategic plan till 2015 and by the time we plan to double the amount of insurance premiums," Olken said.

According to the State Insurance Supervision Service, AXA MBASK's fees hit 12.72 million manat in 2011. This ensured nearly six percent of the total market.

"We aim to increase the number of insurance agents in Azerbaijan and would like to bring that number to 80," he said. "We want to attract more physical entities, increase the number of policyholders and clients. Therefore, we intend to focus on the development of retail services."

He said that the company's indices increased by more than 60 percent.

"We intend to maintain the pace of future growth at around 30 percent a year," Olken said.

The AXA Group (France) acquired the controlling parcel of shares (51 percent) through its affiliated company AXA Sequros Generales, S.A, De Sequros Y Reasequros (Spain) in October 2010.

The AXA Group is the world's leader in financial protection and operates in 57 countries with the largest concentration of its business in Europe, North America, Middle East and the Asia/Pacific Region.