AXA to invest US$192 mln in Egypt
Source: Middle East Insurance Review | Oct 2015
Paris-headquartered AXA will invest about EGP1 billion (US$127.8 million) in its first year in Egypt, which will be followed by another EGP500 million over the next three years.
The insurer made this announcement at a press conference on the launch of its Egyptian arm, according to the local media. The insurer has named Mr Hassan El-Shabrawishi as the CEO of AXA Egypt.
AXA, which has obtained a licence to start insurance activities in Egypt from the the Egyptian Financial Supervisory Authority (EFSA), is set to offer life, health, property and accident insurance for individuals, small and medium-sized enterprises (SMEs), and corporations.
Mr Denis Duverne, Deputy CEO of AXA, said that Africa in general, and Egypt in particular, represent great strategic importance for AXA Group.
In July this year, AXA announced the acquisition of 100% of Commercial International Life Insurance Company (CIL) for EGP673 million. It has also entered into an exclusive 10-year life and savings partnership with the Commercial International Bank (CIB).
EGP1 = US$0.13