French insurer AXA plans to up its share in Azeri market
Azerbaijani insurance company AXA MBASK, a subsidiary of French insurer AXA, plans to bring its stake in the country`s insurance market to 10 percent by 2015, Chairman of the Board Yavuz Olken told Trend news agency.
``We have a strategic plan till 2015 and by that time we plan to double the amount of insurance premiums,`` Olken said.
According to the State Insurance Supervision Service, AXA MBASK`s fees amounted to 12.72 million manats (around $16.2 million) in 2011, which covers nearly six percent of the overall insurance market.
``We aim to increase the number of insurance agents in Azerbaijan and would like to bring that number to 80,`` Olken said.
``We intend to maintain the pace of future growth at around 30 percent a year,`` he said.
AXA Group acquired the controlling parcel of shares (51 percent) in AXA MBASK through its affiliated company, AXA Sequros Generales S.A. De Sequros Y Reasequros (Spain), in October 2010.
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.
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