Cairo – Mubasher: Insurance firm Allianz Egypt has renewed its bancassurance agreement with the listed Crédit Agricole Egypt for an additional four years.
Extending the partnership between the firm and the lender aims to provide various comprehensive insurance services and solutions through the bank’s multiple distribution channels which target different segments.
The renewal will also expand Allianz Egypt's customer base while offering the best insurance services to Crédit Agricole’s customers, according to a press release.
Chairman and CEO of Allianz Egypt, Ayman Hegazy, said: “Through this partnership, we aim to offer and manage all financial and insurance services relating to life, property, and casualty insurance under one roof, integrating citizens of different segments and age groups to achieve financial inclusion, in addition to increasing the company's market share and produce a stable financial performance for the non-banking financial industry.”
Meanwhile, Chairman and Managing Director of Crédit Agricole Egypt, Jean-Pierre Trinelle, commented by saying: “At Credit Agricole Egypt, we are committed to delivering tailored solutions that meet the evolving needs of our valued customers. Hence, the bank has been keen to provide the necessary global financial and protection services that our customers seek, and this has enabled us to maintain a strong position in the realm of bancassurance.”
Trinelle added: “Through collaborating closely with Allianz Group in Egypt, we have seized the opportunity to augment the value we bring to our customers, establish a shared digital development roadmap, and expand the scope of activities with a particular focus on non-life insurance and the non-individual customer segment.”
Signing the deal on behalf of Allianz Egypt, Charles Tawdros, Managing Director of Allianz Life Assurance, said: “The insurance services of Allianz Egypt will be promoted through the bank’s 83 branches across the country as per the agreement. The target sales are up to EGP 1 billion over four years based on the rules of the bancassurance mechanisms stipulated by the Central Bank of Egypt (CBE) and the Financial Regulatory Authority (FRA).”
The partnership between Allianz Egypt and Crédit Agricole Egypt has been on for the past 20 years since it first started in 2003, yet the renewal of the collaboration agreement “came as part of the insurance company’s pursuits towards offering its clients the finest insurance services and coverage that are appropriate for all segments while facilitating them through several marketing channels in the process.”
In the first quarter (Q1) of 2023, the lender posted consolidated net profits after tax worth EGP 1.223 billion, compared to EGP 491.54 million in Q1-22.
