The strong economic activity in the Gulf countries offers significant growth potential for insurance companies. Axa Gulf has seized the message. The French insurer’s subsidiary, has reported a turnover of 626 million USD in 2012 (+20% over one year) and a profit of 60 million USD. With 3.9% of market shares in the Gulf, Axa has become the fifth insurer in the region behind Tawuniya (9.3%), Medgulf (5.5%), Qatar Insurance (4.4%) and Oman Insurance (4.1%).
The French company is targeting one of the top three places of the market but declined any interest on acquisitions for the time being. Jérôme Droesch, general manager of Axa Gulf, expects nevertheless a wave of mergers/acquisitions where large groups would detain nearly 10% of market shares.