AXA to sell its operations in Azerbaijan

France's AXA announced it had entered into an agreement with Elkhan GARIBLI to sell all its insurance operations in Azerbaijan.

"Under the terms of the agreement, Mr. Elkhan Garibli would acquire 100% of the non-life entity (AXA MBask Insurance Company OJSC)", the French insurer announced in a statement without disclosing financial details of the transaction.

"Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals".

Elkhan GARIBLI is the founder and first head of AXA MBask Insurance Company.

AXA MBA AXA MBask Insurance Company was formerly known as Mbask Insurance Company.

MBASK Insurance Company has been operating since 1992 and it is one of the first private companies in independent Azerbaijan.

On October 14, 2010 AXA Group, acquired major controlling interest of MBASK Insurance Company shares through AXA Seguros Generales, S.A. de Seguros y Reaseguros (Spain), its affiliated society. As a result of the acquisition, in November 2010 the company's name was changed to AXA MBask Insurance Company.

Azeri insurers ended 2017 with GWP worth AZN 556.8 million (EUR 274.2 million), 14.5% up y-o-y in local currency.

The PASA Group's companies are holding the top positions in the overall market ranking: PASA Hayat Sigorta (life insurance) - 27.4% market share; PASA Sigorta (non-life) - 19.3% market share. AXA MBask Insurance Company ranks 7th, with a 4% market share.

In recent years, the French group has sold its operations from Hungary (2014), Serbia (2016) and Romania (2017), in all three cases, the buyer being the Austrian insurer VIG.

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