French AXA Insurance Company is to invest some one billion Egyptian pounds (US$127.7 million) in their first year of presence in Egypt, to be followed by another 500 million pounds over the next three years.
On the sidelines of a press conference on the launch of AXA’s Egyptian arm, the French insurer said it has obtained the licence to start insurance activities in Egypt from the market regulator, the Egyptian Financial Supervisory Authority (EFSA).
AXA is set to offer life, health, property, accident insurance services for individuals, Small and Medium-sized Enterprises (SMEs), and corporations.
From his part, Denis Duverne – Deputy Chief Executive Officer of AXA Insurance Company – said Africa in general and Egypt in particular represents a great strategic importance for AXA Group.
Duverne also said his company is committed to build up a strong infrastructure to offer its clients in Egypt outstanding insurance solutions as well as to contribute to the development of the Egyptian economy.
AXA Group has named Hassan El-Shabrawishi as the CEO of AXA Egypt.
According to his LinkedIn account, Shabrawishi’s previous responsibilities include the Chief of Staff and Executive Assistant to Group Deputy CEO at AXA parent Group since September 2013, Director and Business Transformation Leader for Mediterranean and Latin American Region. Shabrawishi also worked with the International Finance Corporation (IFC), a member of the World Bank Group, as well as Allianz as bancassurance specialist and Environmental Quality International Company, which was founded in 1981 specialised in microfinance, environmental and management consulting.
Earlier in July this year, French AXA announced the acquisition of 100 percent of the Commercial International Life Insurance Company (CIL) for 673 million Egyptian pounds (€88 million). It has also revealed a partnership with the Commercial International Bank (CIB) by which it entered into a 10-year Life & Savings exclusive bancassurance agreement with CIB.
AXA, France’s largest insurer, is a multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services.
AXA is one of the world leading insurance and asset management groups, serving 102 million clients, individuals and business, in 56 countries.
