AXA Egypt’s turnover amounts to 128 million USD
AXA Egypt has posted a turnover of 1 billion EGP (128 million USD) thanks to its companies AXA Property and AXA Life Insurance. The non life entity has underwritten 100 million EGP (12.8 million USD) just one year after its operations commenced. In November 2015, AXA investment Egypt has obtained authorization to acquire the entirety of the capital of Commercial International Life Insurance (CIL) for the amount of 763 million EGP (97.7 million USD). CIL was back then endowed with a capital of 150 million EGP (19.2 million USD).
After this takeover, the group has proceeded with a capital increase of 150 million EGP (19.2 million USD) at 300 million EGP (38.4 million USD). It is only after this move that the name change into AXA Life has been achieved.
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