Abu Dhabi – Mubasher: AXA Green Crescent Insurance Company has incurred accumulated losses of AED 78.797 million as of 2020, representing 39.4% of the capital.
The accumulated losses are driven by several factors, including AED 28.438 million accumulated losses as of 31 December 2014 which relate to the Green Crescent Insurance Company, prior to the formation of AXA Green in 2015, according to a bourse filing on Tuesday.
To tackle these losses, the company has appointed a new CEO during the first six months of 2018, deployed various pricing and monitoring tools and checks, and applied a new underwriting approach.
