Could you present the origins and objectives of the strategic relationship between Nairi Insurance and AXA Health International? What competitive advantages does this alliance bring to the Armenian market?

The strategic collaboration we have established represents a major milestone for Nairi Insurance. Thanks to this relationship we are working with one of the world's leading insurance companies.

We are considering this from both a long-term and a short-term perspective.

In the short term, together with AXA Health International, we have developed and are localizing an international health insurance package, thus making high-quality international healthcare services accessible for our citizens. By obtaining the reinsurance for this health package this allows Nairi to promote, distribute and service their own international plan to our citizens and they can receive care within AXA Health International’s global medical network of 2.1 million healthcare providers and access a wide range of medical services, including preventive screenings, outpatient services, specialized treatment, and more.

This will be a benchmark for a new quality of life and healthcare for the citizens of Armenia.

From a long-term perspective, we plan to further strengthen and expand this strategic cooperation. This collaboration with AXA Health International is of major importance not only for our company, but also for the country and its economy. We are convinced that in future years there is an opportunity for it to serve as a key driver for the development of the Armenian insurance sector.

How has Nairi Insurance established and maintained its leadership position in Armenia’s mutual insurance market? What are your main differentiating factors?

Founded in 1996, Nairi Insurance is approaching its thirtieth anniversary and is the oldest insurance company operating in the Armenian market. Over the years, our most valuable asset has been the experience we have progressively built.

We view insurance as a field that relies equally on experience and data analysis. It is the effective combination of these two dimensions that allows us to create security, assess risks and anticipate challenges, whether major or more modest in nature. This is why experience is one of our core values. At the same time, this experience goes hand in hand with a strong culture of innovation. We closely monitor global developments and adapt to them rapidly by localizing international best practices. This applies not only to our products and offerings, but also to our service standards, operational processes and client communication methods. In this context, we actively but selectively integrate modern tools, including artificial intelligence. Despite nearly three decades of operation, we continue to experiment and innovate. While we are the oldest insurance company in Armenia, we consistently strive to remain at the forefront of digitalization and innovation. Another key differentiator lies in our international relationships. We place great importance on them, not only to develop internationally oriented products, but also to learn from global industry leaders and adopt best practices. Competitiveness, in our view, is not confined to the national level. It must be understood in an international context. We are ambitious and, above all, a learning organization. Continuous learning, whether in skills, processes or ways of thinking, is one of our guiding principles.

Our international partnerships and experience-sharing benefit not only our company, but the entire sector. In a small country like Armenia, the growth of one company inevitably contributes to the development of the market, the sector and, ultimately, the national economy.

In short, Nairi Insurance is both the oldest insurer in the market and a company in constant evolution, one of our most defining characteristics. Over the past thirty years, we have never interrupted our trajectory of continuous development.

Could you explain the specific features of the Armenian regulatory framework regarding employer-sponsored insurance? How do you navigate this legal environment?

As of January 1, 2026, Armenia will introduce a universal and mandatory health insurance system. This is a major reform with significant social impact for the country.

We firmly believe that an effective system can only be implemented through close cooperation between the state and the private sector. In this model, the state fulfills its social role by providing citizens with basic insurance packages, while private insurers complement this framework by offering additional coverage and services.

We are also convinced that a well-functioning system will strengthen public trust in both the insurance and healthcare sectors, fostering the emergence of a genuine insurance culture. Mandatory insurance plays a structuring role. It drives sector development and gradually builds the habit and culture of being insured.

What are your plans for expansion with French partners, and how do you envision strengthening bilateral cooperation?

Armenian-French ties are rooted in history. We are proud to be able to play a significant role in strengthening these ties, and through long-term collaboration with AXA Health International, we have jointly developed a healthcare package that will best meet the health preservation and treatment needs of Armenian citizens—both in Armenia and internationally.

What new insurance products are you currently developing, and how do they respond to emerging market needs in Armenia?

Each year, we localize and launch at least three new insurance packages. This year is no exception, with the introduction of several new offerings, including Cyber Insurance.

Cybersecurity is now one of the world’s major challenges, affecting both individuals and businesses. Cybercrime causes billions of dollars in losses globally. This is why we have localized a cyber insurance product that covers the most common cyber risks for both individuals and legal entities.

We have also integrated several innovations into our health insurance packages. In collaboration with Mayo Clinic Healthcare London, one of the world’s most renowned medical institutions, we offer a preventive health screening program, the Executive Medical Check-Up. This program provides access to advanced diagnostic protocols tailored to age and gender within a medical institution with more than 160 years of expertise. It includes a comprehensive range of screenings covering cardiac, pulmonary, hormonal, genetic, oncological and other health areas.

At the same time, our team is actively working on the development of several next-generation and innovative insurance products.

What is your vision for the evolution of Armenia’s insurance sector over the next five years?

When speaking with international partners, I often emphasize that Armenia is a small country with a limited market, which may initially appear less attractive to large insurance and reinsurance groups. However, behind these modest figures lies a defining characteristic that makes our market unique. It is growing rapidly. And the smaller the market, the greater its growth potential.

Although the Armenian insurance sector has a history of roughly thirty years, Nairi Insurance has already reached a high level of structural and product maturity and retains significant growth potential, including from a financial performance perspective.

In this context, it is important to note that we are the first, and to date the only, insurance company in Armenia to have obtained a credit rating from Moody’s, B1 with a stable outlook. This rating reflects our financial strength and the momentum of our development.

What investment opportunities do you see in Armenia’s insurance sector for international investors? While Armenia may be unfamiliar to some on a map, what truly matters to investors is the development trajectory of the sector in which they invest.

Armenia’s insurance sector is undergoing a major transformation, moving from a traditional model toward a more digitalized and insurtech-oriented ecosystem. In this transition, international insurance groups can play a significant role by supporting the development of online insurance products, modernizing services and introducing innovative solutions.

How does AXA’s international expertise enrich your service offering and your approach to the local market?

Our relationship with AXA Health International has already come a long way, and an even longer road lies ahead—something we are truly excited about.

This collaboration is not just another contract; it marks a new path of development, bringing the transformation of our processes in line with international standards, elevating customer service, and introducing a new level of responsibility across everything we do in our daily operations.

What role does Nairi Insurance play in the development of Armenia’s economic ecosystem and in attracting foreign investment?

For several consecutive years, Nairi Insurance has ranked among Armenia’s largest taxpayers. This reflects our financial strength and represents a tangible contribution to the country’s economic development.

As a major taxpayer, we help strengthen economic stability and enhance Armenia’s attractiveness to foreign investors. More broadly, these advances, combined with our international partnerships, create additional value and open new perspectives not only for Nairi Insurance and its clients, but also for the entire sector and the country as a whole.

In a small country like Armenia, the growth of one company naturally stimulates the growth of others. Ultimately, the entire sector benefits and, in the long run, so does the national economy.

Our activities are guided by two core principles: creating additional value for our clients and contributing to the country’s economic dynamism, in order to support collective

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