MetLife Alico Cooperates with AlexBank and Barclays for Bancassurance Activities

Egypt’s Pharaonic American Life Insurance Company- Alico (MetLife Alico) is aiming to obtain a regulatory approval to start bancassurance activities.

According to the Mohammed Maait – Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA), MetLife Alico has submitted a request to the EFSA, seeking to practice the bancassurance activities in cooperation with AlexBank and Barclays Egypt.

MetLife Alico was incorporated in Egypt in 1997, to be the first life insurance company to enter the Egyptian market with a major share holding of an international life insurance company.

Moreover, the Egyptian top official further noted that EFSA gave its approval in the last few months for 3 insurance companies so as to promote its products through banks’ various network.

The three insurance firms recently obtained the regulatory approvals are;

1) Arope Insurance Egypt – Life (through BLOM Bank’s branches),

2) Misr Life Insurance (through branches of Housing and Development Bank (HDB) and Egyptian Gulf Bank (EGB) and soon of Société Arabe Internationale de Banque (SAIB)),

3) The Commercial International Life Insurance Company (branches of Commercial International Bank – Egypt).

The table below demonstrates the names of insurers and banks seeking to practice bancassurance activities: