29 May 2014- Shareholders of Green Crescent Insurance Company, the leading group health and life insurance Company in the UAE, approved the strategic alliance with AXA Group and Kanoo Group that was proposed by the company´s Board of Directors at the extraordinarily general meeting held on Tuesday May 27th in Abu Dhabi.
The shareholders have agreed to authorize the Board of Directors of Green Crescent to finalize the negotiations with AXA Group and Kanoo Group who will be the primary investors of a capital increase of AED 100 Million via a convertible bond instrument pushing Green Crescent´s paid in capital to a total of AED 200 million upon conversion and allowing Green Crescent to continue to grow their health insurance business and to optimize their product offering in the life insurance segment. The name of the company will also be changed to include the names of both parties, based on the authorities´ approval.
Sheikh Saeed Bin Hamdan Al Nahyan, Chairman of Green Crescent commented "Today marks an important milestone for Green Crescent Insurance Company; we are pleased to continue our efforts aimed at establishing a strategic alliance with a prominent insurance player like AXA. We are confident that the linkage of Green Crescent´s extensive local market knowledge and technical experience with AXA and Kanoo´s deep industry expertise and capabilities in the Gulf Region represents a unique opportunity for Green Crescent to expand its market share and grow its margins, providing significant value for our shareholders". He added "we would also like to thank the shareholders for the trust they have placed in the company".
Green Crescent anticipates solid growth in written premiums and insurance margins following the commencement of the alliance, which will in turn be reflected positively in the financial results of the company over the next few years.
AXA Green Crescent Insurance Company (AXA Green Crescent) is part of AXA Group, a worldwide leader in insurance and asset management. Headquartered in Abu Dhabi, AXA Green Crescent has been created post a strategic alliance between AXA Group, Kanoo Group and Green Crescent Insurance Company (GCIC). GCIC was founded in 2008 as a public joint stock company to provide tailor-made health and life insurance solutions to groups and corporate clients. AXA Green Crescent now aims to offer life protection and savings solutions to customers in the UAE, making AXA Gulf a one stop shop for all insurance needs.
AXA in the Gulf