Baku, Azerbaijan, Feb. 22
By Anvar Mammadov – Trend:
A position of AXA MBASK insurance company in Azerbaijan’s insurance market doesn’t meet expectations of French AXA Group, head office of the company told Trend, explaining reasons for the sale of AXA MBASK.
Azerbaijan’s insurance market is not large enough, and the volume of AXA MBASK’s insurance takings is quite low, representatives of AXA Group noted.
“We decided to sell our business in Azerbaijan due to unsatisfying position of the company and small volume of Azerbaijan’s insurance market,” AXA Group said.
The AXA has already reached a preliminary agreement on the sale of 100 percent stake of the AXA MBASK insurance company. Elkhan Garibli, founder and first head of AXA MBASK insurance company, acts as a buyer.
The deal will be completed after permission is obtained from the relevant authorities.
MBASK Insurance Company has been operating since 1992. It is one of the first private insurance companies in Azerbaijan. In 2010, one of the largest insurance companies in the world - AXA Group acquired a controlling stake (51 percent) of MBASK insurance company through its subsidiary 'AXA Seguros Generales, S.A., De Seguros Y Reaseguros' (Spain).
Currently, AXA Group is the sole shareholder of AXA MBASK.
The authorized capital of AXA MBASK totaled 19.73 million manats in the first half of 2017.
According to Azerbaijan’s Financial Markets Supervision Chamber takings of AXA MBASK totaled 22.29 million manats in 2017, with premiums amounting to 12.33 million manats.
(1.7001 manats = 1 USD on Feb. 22)
