Magazine date:
Jul 2011 On May 31, 2011, AXA concluded a partnership agreement with Banque Extérieure d’Algérie (BEA) and Fonds National d’Investissement (FNI). The French insurer holds a 49% stake in the new company versus 15% for BEA and 36% for FNI.
AXA Algeria plans to open 128 branches throughout the Algerian territory and achieve a premium income of 87 million EUR (125 million USD) by 2015. Operations are due to start in fall with the launch of two life and one non-life product. The distribution of insurance policies will also be carried out by BEA.