The French insurer has started its operations on the Algerian market by establishing two companies: non life Axa Assurances Algérie whose capital amounts to 2 billion DZD (26.8 million USD) and life Axa Assurances Algérie , dotted with a capital of 1 billion DZD (13.4 million USD). Axa Algérie, which strives for a swift development of its distribution network, will at first benefit from the structures of its partner the Banque Extérieure d’Algérie (BEA) to market its products.
A first agency, located in Chéraga (Algiers), is already operational. Three other agencies will soon be opened in the Algerian capital. The insurer plans to open thirty agencies by 2012 and a hundred by 2016. Axa Algeria is detained at 49% by the group Axa, at 36% by the Fonds National d’Investissement and at 15% by the Banque Extérieure d’Algérie.