Insurance firm born of Moroccan and international corporates merger

Morocco's first holding (ONA) and world group (AXA) announced on Thursday the merging of their insurance affiliates to create "Axa Assurance Maroc."

The new firm shares are held by ONA, the first Moroccan private holding operating in industrial and financial activities, and AXA, one of the world's leaders in financial, insurance and portfolio management activities.

ONA president, Mourad Cherif, explained the new insurance company already has 80 general agents, 150 partner brokers and a 600-strong staff.

AXA president said his group is operating in more than 60 countries, employing 130,000 persons. It achieved a $ 65.2 billion turnover and $ two billion in net profit.