The National Bank of Serbia has granted an operating license to the Belgrade-based joint stock insurance company AXA Neživotno osiguranje a.d.o. whose core activity is the provision of non-life insurance services.

The founder and majority owner of the company is AXA Mediterranean Holding from Spain, a subsidiary of the French AXA Group, which is one of the world’s leading insurers.

Last year, AXA Mediterranean Holding obtained the National Bank of Serbia’s consent to the acquisition of the Belgrade-based joint stock insurance company Credit Agricole Life and became its majority owner. The said company now operates under the name AXA Životno osiguranje.

By establishing AXA Neživotno osiguranje a.d.o, this insurer has rounded up the full range of insurance services offered to Serbian consumers, which proves its serious intentions in terms of positioning in the domestic market.

The founding of another insurance company in the Republic of Serbia is expected to increase retention levels and the capacity of the domestic insurance market, strengthening the competition and leading to more attractive terms and better quality of services.

This is the twelfth Greenfield investment in the insurance business since 2006 and is worth EUR 7 mln.