AXA Egypt and Commercial International Bank (CIB) — Egypt’s leading private sector bank — signed a five-year bancassurance agreement that will allow the company to offer general insurance products in 139 CIB branches during the first phase, expanding into all CIB branches by the end of 2023.
This agreement supports the longstanding partnership between CIB and AXA Egypt, having already signed an exclusive 10-year bancassurance agreement with AXA Life Insurance to offer life, savings, and health insurance products to CIB customers.
It also allows AXA Egypt to benefit from CIB’s leading position and wide presence in the Egyptian market, enabling both institutions to provide the best banking and insurance solutions to customers across Egypt.
Through this agreement, AXA Egypt will offer a range of its insurance products to CIB customers, including general insurance plans — such as car, property, and accident insurance — allowing them to choose between Safe Home for home protection, Safe Business for workplace protection, as well as commercial and production assets protection, Auto Go, and Auto Highline car insurance plans.
“We are proud of our bancassurance agreement with CIB and are confident that it will help the bank further expand its customer base by providing various insurance coverages through all CIB branches, enabling the bank’s customers to obtain insurance for everything they care about in one visit,” said Ayman Kandil — Managing Director of AXA Life Insurance Egypt and Chairperson of AXA General Insurance.
“This collaboration falls in line with AXA Egypt’s strategy to always provide comprehensive insurance coverages that meet customers’ needs,” he added.
“This partnership between AXA Egypt — one of the largest insurance companies in the world — and CIB — the largest private sector bank in Egypt — is built on the strengths and common values of both institutions, which converged to serve joint customers and provide all the financial services that customers may need in one place, making it easier for them to manage their financial affairs,” said Ahmed Issa — CEO of Retail Banking at CIB.
“We are pleased with AXA Egypt’s confidence in the Egyptian economy and its valuable investments in Egypt over the past five years. We look forward to witnessing the company’s future achievements,” he added.
This collaboration includes an additional agreement to invest in digital technology and work on improving innovative solutions. It will also allow retail banking customers and customers of small- and medium-sized companies to benefit from the best insurance solutions — whether life or non-life insurance products — through 139 CIB branches.