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AXA Egypt signs five-year bancassurance agreement with Arab African International Bank

Jan 12, 2022

AXA Egypt has announced signing a five-year bancassurance agreement with the Arab African International Bank (AAIB), offering new, outstanding insurance services to customers. The deal is in line with AAIB’s keenness to offer excellent non-banking, value-added services, and quality products to meet the customers’ needs.

Under the agreement, over 20 products of AXA Life Insurance Egypt and AXA General Insurance will be available to AAIB customers, enabling them to avail a range of AXA products, including health and life insurance as well as savings and protection plans. The agreement covers 42 AAIB branches in Egypt, ensuring the fair distribution of the insurer’s value-added services.

Managing Director of AXA Life Insurance Egypt and Chairman of AXA General Insurance Ayman Kandeel said: “We are proud of this partnership which aligns with AXA’s strategy to expand in Egypt by reaching a larger customer base via new distribution channels.” “I would like to extend my thanks and gratitude to the AAIB for trusting AXA Egypt to become its insurance partner, Kandeel added, noting that the AAIB is one of Egypt’s pioneering banks which achieved rapid growth in a record time. “Together, we seek to focus on meeting the needs of the AAIB’s customer base through AXA insurance protection solutions.”

Managing Director and Vice Chairman of Arab African International Bank Sherif Elwy stated, “We are glad to tie up with AXA, given its international legacy and successful record in Egypt. This partnership is aligned with our main strategy pillars; financial resilience, customer centricity, agility and innovation. AAIB and AXA’s partnership will offer a wide range of insurance products that are tailor made to suit our customers’ requirements and attain their satisfaction creating a positive impact on the society.”

“We are committed to the fair geographic distribution of our services and products, and this partnership helps us achieve this goal. We want all our business lines to be available across the length and breadth of Egypt, providing a one-stop shop that caters to all insurance and financial planning needs under one roof. Delivering these services via partner banks adds a convenience factor for accessing insurance services,” said Omar Shelbaya, AXA Life Insurance Egypt board member.

Dina Zikry, Head of Consumer Banking and Financial Inclusion in Arab African International Bank said that the insurance plans offered by AXA through the bank’s branches are selected based on the branch density, as they include programs developed specifically for our customers to help them set their plans. “This approach will enable us to offer seamless, resilient services based on the customers' choices that match their needs and plans,” she added.

“We also seek, through our cooperation with AXA Egypt, to achieve our goals and strategy and to continue our ongoing efforts to deliver splendid services to our customers, in line with the latest innovative banking and non-banking technology solutions, which suit our customers, make them feel more comfortable, open up an opportunity for them to meet their aspirations, and enable them to benefit from more services,” Zikry said.