Axa completes acquisition of Egypt’s Commercial International Life Insurance for EUR92m
French insurer Axa has completed the acquisition of Egyptian life insurance firm Commercial International Life Insurance (CIL), for around EGP763m (€92m).
The deal was first announced by both firms in July this year.
Claimed to be the third largest life and savings insurance firm in Egypt, CIL provides unit-linked and protection products to its customers.
In conjunction with the deal, CIL has signed a ten-year exclusive life and savings distribution agreement with Commercial International Bank (CIB), in a bid to focus on unit-linked and protection and health insurance.
In March this year, Axa secured its preliminary non-life insurance license in Egypt, and plans to offer life, health and property and casualty insurance products to individuals, SMEs and corporate clients.
In November this year, Axa Philippines agreed to acquire 100% stake in Charter Ping An Insurance (CPA) from GT Capital Holdings, for around PHP2.3bn (€45m).
Claimed to be the fifth largest P&C insurer in the country, CPA provides a full range of fire, motor, marine, personal accident and engineering insurance products.
Axa, which carries out operations in around 59 countries, offers insurance and asset management services. Source: IBR