French AXA plans USD1b sales in GCC in 5 yrs

01 Aug 2011

(MENAFN) AXA’s regional CEO, Jerome Droesch, said that the company predicts a 100 percent increase in sales in the Gulf region, thus amounting to USD1 billion over the course of the coming five years, reported Arabian business.

Droesch said that this year would have higher growth than 2010, where growth stood at 14.5 percent.

The CEO added that the insurance group is focusing more on emerging markets such as the Gulf and Latin America following significant declines in its business in Europe. He did not rule out further acquisitions in the company’s way to its USD1 billion goal.

The firm said the introduction of compulsory insurance in parts of the GCC, such as motor insurance and healthcare in Abu Dhabi, represented its biggest part of its business.

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