Egypt: AXA and Egypt Post agree to form microinsurance joint venture

Source: Middle East Insurance Review | Nov 2024

AXA Life Insurance Egypt, a subsidiary of France’s AXA Group, has signed a strategic partnership agreement with Post for Investment (PIF), the investment arm of Egypt Post, to establish a microinsurance company under the new Unified Insurance Law. Supporting regulations are being worked out by the authorities.

The new company aims to provide insurance services to 12m low-income citizens across Egypt by providing insurance products that meet diverse needs at a low cost. It offers individual and group microinsurance products such as hospitalisation insurance, personal accident insurance, life insurance, livestock insurance and group protection.

These products will be made available automatically or optionally and through multiple channels including the widespread Egypt Post network, microfinance companies and FinTech platforms.

PFI managing director and CEO Ahmed Ali Abdel said that PFI would own 51% of the capital of the new venture while AXA Life Insurance would hold the remaining 49%. M

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