Ciurel, AXA: We Want To Become A Top Five Insurer In 3 Years

05.12.2011 ZF English

AXA Life Insurance, a company that entered the Romanian market last year, when French giant AXA took over Omniasig Life, plans to become one of the top five players on the life insurance market in terms of new contracts by 2014.

At the end of last year, the company had a 1.6% market share and ranked 11th on the life insurance segment, an around half a billion-euro market.

AXA yesterday officially launched its local operations after building the sales network and developing the product portfolio in the past year. The French group also recruited a new management team in 2010, headed by Violeta Ciurel, former head of insurer ING Asigurari.

AXA Life currently has a portfolio of around 45,000 insurance contracts, most of which have been inherited from Omniasig.

The insurer has 110 employees and works with 500 sales agents. The company wants to reach 600 sales agents and a 30-branch territorial network by the end of 2011. So far, only four territorial branches have been opened in Bucharest.

The French group said it is planning an organic development of its Romanian operations, with no new acquisitions targeted.