AXA buys one of Egypt's leading life insurance companies
The French insurer has also signed an exclusive distribution agreement with CIB Bank.AXA announced on July 12th it has acquired one of Egypt's leading life insurance companies.
The French insurer has also signed an exclusive distribution agreement with a leading private bank.
The Group purchased all of Commercial International Life Insurance Company (CIL) for 763 million Egyptian pounds (€88 million).
"The transaction will enable AXA to extend its presence in the country after it obtained a preliminary approval to provide casualty insurance in March 2015, and will also contribute to strengthening the presence of AXA in Middle East and Africa," said the French insurer in a statement.
The distribution agreement was signed with Egyptian private bank CIB, which has more than 628,000 private customers and 60,000 business customers.
It allows AXA to benefit from exclusivity in the distribution of life insurance products, savings and retirement for ten years.
Egypt offers major development prospects for AXA. The country has over 80 million inhabitants and a low insurance penetration rate of only 0.70 per cent of gross domestic product, according to a Swiss Re study.