AXA Insurance Gulf recorded 58% growth for 2008

This achievement was made possible, on one hand, thanks to a clear focus on delivering high quality standards and on the other hand, thanks to our competent risk management, sound underwriting principles and efficient and cautious investment strategy.

Jean-Louis Laurent Josi, CEO, AXA Insurance Gulf said, "2008 was again an excellent year for AXA Insurance Gulf despite market turmoil. All our lines of business as well as all our entities in the Gulf region strongly contributed to our excellent revenues. 2008's achievements confirm AXA Gulf as one of the largest non-life international insurers in the Gulf.

• Gross Written Premiums: $439m GWP (+58% vs. 2007)
• Net income over $33m (+16% on a comparable basis)
• Return On Equity: 38% as at 31st Dec 2008
• Solvency Ratio: 135% as at 31st Dec 2008."

"Our customers trust us and that is evident from the awards we have received; the AutoCar award for the best insurance provider for three years in a row, the Middle East award for the Best Public Awareness campaign for four years and the MEIF Excellence Award 2009 for institutional excellence in recognition of AXA's outstanding achievements in the insurance market," Jean-Louis added.

"Thanks to our 2008 results, AXA Gulf started 2009 with a solid and sound balance sheet and a robust solvency. It is supported by the fact that, AXA Gulf is well diversified in the region, not only from a geographical point of view but also from its product offering," he added.

"Furthermore, unlike other companies or sectors, we still see a lot of strong opportunities in the Gulf Region and we will therefore stick to our original investments. We even believe that this crisis is an opportunity for AXA Gulf to emerge with a better overall position in the region and an advantage over our competitors thanks to the strength of our balance sheet and the dedication of our workforce," he said.

AXA Gulf Strategy

"This year, AXA Gulf wants to continue to increase its quality of service (already 3 out of 4 AXA's clients are very satisfied by the claims' service provided) and to concentrate on innovation. For instance, it is currently developing new innovative processes to make things easier for our customers. 2009 will also be an important year for us in Saudi Arabia as the Saudi Capital Market Authority recently approved our application to hold an Initial Public Offering," Jean said.

"Finally, in this turmoil and more than ever, we are committed to our goal of becoming the preferred company for our clients and employees alike in the region. Our differentiating offer, driven by one of our main key pillar of being the most convenient claims service in the market, will be enhanced and we will continue to invest in more qualitative services that will make life simpler for our clients. I have confidence that the engagement of our employees, the trust of our clients and the financial flexibility of AXA Group will support us in this difficult environment," he concluded.