Magazine date:
Jan 2016 In July 2015, Axa announced its intention to acquire a 100% stake in the capital of the life insurer Commercial International Life Insurance. This move is now finalized for the amount of 763 million EGP (97.7 million USD). Meanwhile, CIL reached an exclusive distribution agreement with Commercial International Bank (CIB) for health and accident insurance products along with unit-linked life plans. CIL detains a 15% market share in life insurance in Egypt. Between 2012 and 2014, its turnover had grown by 23%. This takeover will now enable French insurer, who obtained in March 2015 a non life insurance license, to provide a wide range of life and non life products.