"Qatar will form an important part of our growth targets in the region" said AXA Group Chief Executive Officer Henri de Castries who came from the Paris Head Office to announce the news. "Qatar has one of the fastest growing economies in the world. The opening of the market with the increase in both population and service provides many insurance opportunities over the long term."
AXA Insurance is already present in Bahrain, Oman, Saudi Arabia and in the UAE with a premium over $185 millions and is looking to expand to be the largest international insurer in the region offering a wide range of insurance products and services for corporate and individual customers.
"We are particularly pleased to be part of the QFC," said Andrea Rossi, CEO of AXA Insurance Gulf. "Not only does the QFC permit companies to conduct insurance business on shore in Qatar, but it provides an extremely well regulated environment as well as outstanding support and infrastructure."
AXA Insurance aims to add value to the Qatari market by retaining high percentages of commercial business to its net account and providing high standards of risk management. AXA intends to introduce sophisticated retail products for individual customers by the first quarter of 2007.
AXA Insurance's license follows the recent establishment of AXA Investment Managers (AXA IM) in Qatar. AXA IM is the first dedicated asset manager to open an office in the Qatar Financial Centre, and has over US$16.8 billion in assets under management in the Middle East.
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AXA gets insurance license in Qatar
- Qatar: Tuesday, November 21 - 2006 at 09:13
- PRESS RELEASE
The AXA group announced yesterday at a press conference in Doha that the Qatar Financial Centre Regulatory Authority has authorized AXA Insurance (Gulf) B.S.C. to operate in Qatar from the Qatar Financial Centre.
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About AXAAXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. IFRS revenues amounted to Euro 72 billion for full year 2005 and Euro 59 billion in 9M06.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
About AXA Insurance in the Gulf
AXA in the GCC, with a workforce of over 330 employees, 11 offices region-wide, a substantial customer base and a premium income of over US$ 185 million, is a major international insurer in the Middle East offering a wide range of insurance products and services for corporate and individual customers.
About AXA Investment Managers (AXA IM)
AXA IM is a multi-expert asset management company within the AXA Group, a world leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with approximately €464 billion under management as at the end of August 2006. AXA IM employs over 2,500 people and serves clients in 18 countries.
About Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those licensed to operate by the Centre. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorizations.
For additional information, please contact:
Julien Audrerie
+971 4 315 0208
Lianne Braganza-D'Sylva
+971 4 315 0115
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, November 21 - 2006 at 09:13 UAE local time (GMT+4)
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