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AXA Cooperative Insurance receives the Saudi Arabian Monetary Agency license to practice cooperative insurance business

February 28, 2010 12:00 by Aarti Nagraj

AXA Cooperative Insurance receives the Saudi Arabian Monetary Agency license to practice cooperative insurance business

 

 

 

AXA Cooperative Insurance Company received its license from the Saudi Arabian Monetary Agency to practice cooperative insurance activities in KSA.

 

AXA Cooperative Insurance Company received Monday 1st Feb 2010 license (number TMN/25/20101) dated on (11/02/1431 H) to practice Insurance & Reinsurance business in Kingdom of Saudi Arabia, in accordance with the cooperative insurance law and its regulations. As a result of the above, AXA Cooperative Insurance company (Saudi Joint Stock Company) is now officially authorized to conduct its business

 

The company had already obtained approval to market and sell its two main products “Motor & Medical insurance”.

 

The establishment of AXA in Saudi Arabia is a huge milestone and the first Cooperative Insurance company globally for the AXA Group. The company is developing a new product offering in retail and commercial lines to meet the needs of local customers and this is a unique opportunity to expand its reach in the Saudi market.

 

 

 

Notes to the editor:

 

About AXA group

AXA group's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area with 67 million clients and 135,000 employees. For 1H09, IFRS revenues amounted to Euro 48.4 billion and IFRS underlying earnings to Euro 2.1 billion. AXA had Euro 967 billion in assets under management as of June 30, 2009.

 

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA.

 

For additional information, please contact:

Alexis de Beauregard/ Lianne Braganza-D’Sylva                                          

AXA Gulf Marketing,

Tel: +971 4 4294050/ 4294054               

Email: alexis.debeauregard@axa-gulf.com/ lianne.dsylva@axa-gulf.com