AXA Green Crescent to focus on life insurance
Mishal Kanoo and Hassen Bennour during the Press conference in Dubai. - Supplied photo
Dubai - The two companies also announced the successful completion of Dh100 million bond conversion and investment transaction with - Green Crescent Insurance Company (GCIC).
AXA, one of the leading international insurers in the Gulf region, and Kanoo Group have announced a new life and savings and health venture to expand their presence in the region.
The two companies also announced the successful completion of Dh100 million bond conversion and investment transaction with - Green Crescent Insurance Company (GCIC). With this development, GCIC has been officially renamed as 'AXA Green Crescent Insurance Company', now part of AXA, and its capital is raised to Dh200 million.
Addressing a Press conference here on Tuesday, the officials of the two companies said the life insurance segment in the UAE has been witnessing sustained growth over the past few years amidst a generally challenging economic environment. The joint venture company will focus on life insurance business and to be selective in the health sector to increase profitability in coming years. It expects seven to 10 per cent market share in the next 10 years.
"We believe this is an opportune time to launch AXA Green Crescent", said Mishal Kanoo, chairman of Kanoo Group and vice-chairman of AXA Green Crescent.
"We are thrilled to prepare the launch of a new line of business in the UAE. Our customers will now have a unique opportunity to benefit from AXA's global expertise in developing innovative insurance solutions for life protection and savings which will complement both our own existing Health offering and the Property & Casualty and Health offering of AXA in the Gulf", said Hassen Bennour, chief executive officer of AXA Green Crescent.