Legal & General Group (L&G) has announced the sale of its Egyptian Life Insurance joint venture (JV) Commercial International Life Insurance Company (CIL) to French insurer AXA in a deal worth EGP763m ($97.5m).
CIL is jointly owned by Legal & General with 55%, and Commercial International Bank SAE (CIB) with 45% respectively.
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CIL was formed in 1998 and was the first life insurance company in Egypt to adopt the bancassurance model. It has 90,000 individual insurance policies, and provides retirement benefits group life and credit life insurance for circa 350,000 customers.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2015.
Legal & General emerging markets managing director, Simon Burke, said: “Legal & General’s strategy of building scalable, customer focussed, long-term businesses has been achieved in Egypt, and now is the right time to hand the business over.”
AXA said CIB has built a highly reputable brand and a robust market position with a clear ambition to accelerate its presence in the retail banking segment. Therefore, it said CIB represents a unique partner for AXA to benefit from the high growth prospects of the Egyptian market.
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