Axa is combining its businesses in Asia and Africa, with AXA Asia chief executive Gordon Watson taking on an expanded remit, according to reports from Insurance Business.
The African markets of Algeria, Cameroon, Egypt, Gabon, Ivory Coast, Lebanon, Morocco, Nigeria and Senegal will move under the Asia umbrella.
Additional Asian markets, including India, Malaysia, Singapore and Vietnam, will also be added to AXA Asia & Africa.
The report said that, according to AXA, this move is part of its new strategic plan, ‘Driving Progress 2023’, which seeks to harness the rapidly growing markets across Africa and Asia, with special focus on health, as marked by the recent opening of AXA OneHealth and its 16 clinics across Egypt. This, the company said, reflects its commitment to an inclusive vision of health equity, with improved health outcomes for all.
The AXA Asia & Africa business will also incorporate AXA Emerging Customers, the insurer’s unit focused on closing the protection gap in the low-income to mass market segments.
It said customers in these segments are often underinsured due to a lack of access and familiarity with relevant and affordable insurance products, but by 2023, AXA Emerging Customers aims to protect 25 million customers as their first insurer, through partnerships with leading institutions from both public and private sectors.