In the context of strengthening its presence in Africa and the Middle East, the French insurer AXA has signed a partnership agreement with Egypt's first private bank, Commercial International Bank (CIB).
This exclusive 10-year agreement will allow AXA to sell its products (life insurance, savings and retirement) through the banking network of the CIB which is composed of 166 branches and 10 000 outlets.
In addition to this bancassurance agreement, AXA purchased the Commercial International Life (CIL), third life insurance company in the market and co-owned by Legal & General (55%) and CIB (45%). The transaction amounted to nearly 88 million EUR (98 million USD).
CIL, which has achieved an average annual growth of 23%, recorded, in 2014, a turnover of 58.5 million EUR (65.3 million USD) and a net profit of 1.9 million EUR (2.12 million USD).