After several months of lengthy negotiations, Axa has finally reached an agreement with the Algerian authorities. The French group will be present in Algeria life and non life insurance as well as in bancassurance. Axa, which will hold 49% of the capital is associated with the National Investment Fund, which owns 36% and the Banque Extérieure d’Algérie that will hold the remaining shares (15%). Technical control and business management are entrusted to the French insurer.
As to Generali, it could enter the Algerian market of life insurance through the Tunisian insurance company, Maghrebia Vie, of which it detains 45%. This presence will materialize with the establishment of a new life insurance company in which Alliance Assurance and Maghrebia would be associate members. No information has so far been given as to the capitalization of the new company. CIAR, which was on a business deal with Maghrebia, now wishes to start operating in life business on its own in case no foreign partner comes forward.