AXA Group increases its stake in Azerbaijani insurer AXA Mbask to 84%

8 August 2013 —
axa-6French AXA Group has increased its stake in the Azerbaijani AXA MBASK insurance company, according to the informational portal Trend.

In October 2010, AXA Group acquired the majority stake (51 percent) in AXA MBASK through its affiliated company, AXA Sequros Generales (Spain). On December 7, 2010, MBASK's licence was updated to AXA MBASK due to the change of its name.

According to AXA MBASK, the capital's structure has changed and today a 84% stake of the company's equity belongs to AXA Group and the other 16% to individuals.

In 2012, AXA MBASK has written premiums worth AZN 5.87 million and collected premiums AZN 17.70 million. The insurer holds an 5.17 percent market share in all insurance lines in 2012.

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