The formal agreement was signed by AbdulRazzak Ali Issa, chief executive of Bank Muscat, and Jérôme Droesch, CEO of AXA Gulf, at the bank’s head office, according to Muscat Daily.

AXA Gulf CEO Jérôme Droesch added: "We are very pleased to partner with Bank Muscat to offer life insurance products. Our collaboration started in December 2013 with a successful partnership to offer health insurance to Bank Muscat customers. This strategic agreement will reinforce our relationship with Bank Muscat , allowing us to expand our life insurance solutions in Oman and at the same time ensure peace of mind, serenity and stability through unique products to Bank Muscat customers.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

"With the wide distribution network of Bank Muscat and under their leadership, we are convinced that we can increase risk awareness and promote the benefits of insurance in Oman to ensure each and every customer is well protected.

Bank Muscat chief executive AbdulRazzak Ali Issa said: "Bank Muscat is proud to sign this unique partnership agreement with AXA and widen the scope of partnership offering a wide range of bespoke bancassurance products for customers. The Oman insurance market which recorded 15 per cent average growth in the last five years is projected to grow at a rate of 18 per cent in the next five years.

"With global insurance partners like AXA Gulf , Bank Muscat is in a position to offer comprehensive insurance products catering to all customer needs. The bank’s unique and largest distribution footprint and the global knowhow of AXA add significant value for the partnership."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.