Insurance

AXA rumoured to be exiting Middle East

AXA has been rumoured to be planning a potential exit from the Middle East Life Insurance business as the firm seeks to exit less profitable markets.

The pull back by AXA has led to the rumoured interest in the insurer’s Middle Eastern operations from Oman Insurance, a Dubai-based Health, Travel, and Car insurance provider in the UAE, according to a report by International Adviser.

Oman Insurance currently possesses operations across 15 branches, with its website stating that the firm boasts a strong presence in every Emirate in the UAE, the Sultanate of Oman and Qatar.

AXA’s operation in the Middle East currently offers customers a range of life, property and health insurance solutions.

The pull back would come as part of AXA’s Chief Executive Officer Thomas Buberl’s ambitions to make the firm more streamlined, with part of the process being the departure of the brand from markets which have proven to be less profitable.

AXA recently sold its operations in Poland, the Czech Republic and Slovakia for around USD1.1 billion to Uniqa Insurance Group AG in February 2020.

Oman Insurance posted a revenue of USD980 million in 2019 under CEO Jean-Louis Laurent Josi, and has operations in Oman and Turkey, outside of its UAE presence.