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AXA Life Egypt declares EGP 126 million in shareholder dividends

Nov 01, 2019

Growing corporate and individual portfolio drives AXA Egypt Group’s rise in revenues

AXA Life Insurance Egypt reported its board of directors declared shareholder dividends for the first time, amounting to EGP 126 million following only four years of market activity.

AXA Egypt Group’s annual revenues have exceeded EGP 3 billion, with EGP 2 billion stemming from life insurance premiums and EGP 1 billion driven by general insurance services. AXA Life insurance net profit topped EGP 128 million, while AXA General Insurance operational surplus exceeded EGP 19 million.

“Our solid performance indicators are derived from the extensive and consistent expansion strategy in the Egyptian market, driven by a growing portfolio of innovative products and often ground-breaking services developed to set new standards for the insurance sector benchmarks,” said Ayman Kandeel, AXA General Insurance Egypt Chairman and Managing Director of AXA Life Insurance Egypt. “Today, we’re happy to share our success with the people who have made it possible, our shareholders, whose trust is essential for AXA Egypt’s continued success. Guided by one of AXA’s core values, ‘Customer First’, we strive to provide insurance solutions and complementary services to our clients while always putting their best interest at heart, helping them go further in life and achieve their goals. It is this commitment that underpins our capacity to offer our shareholders a tangible and sustainable return on their investments.”

With over 30 corporate, small and medium-sized enterprise (SME), and retail products launched over the past four years, AXA Egypt has strengthened its commitment to support businesses and individuals by offering insurance solutions across all lines of business such as life insurance, medical insurance, asset insurance, car insurance and life and savings, protecting their customers against unforeseen events.

And building on its strategy of becoming a one-stop-shop insurance provider, AXA Egypt continues to expand its portfolio and distribution channels providing tailored products aligned with evolving market needs. New property and casualty insurance plans are set for imminent launch, upon regulatory approvals, via AXA’s key strategic bancassurance partner the Commercial International Bank (CIB), completing the whole set of insurance solutions provided to customers in all bank branches across Egypt in 2020.

AXA also successfully managed to create multiple touch points for customers making it a smooth experience to connect and contact the company through its direct distribution with professional insurance consultants, their increasingly wide network of broker partners and their highly active social media platforms and website. This significantly bolsters AXA’s position as an available partner and sets the bar for a new insurance experience for Egyptian customers.

“Insurance is an essential service and AXA is determined to broaden access via a diverse range of corporate and individual products that match the needs of wide population segments,” said Kandeel. “We firmly believe that high-quality flexible insurance offers Egyptians the peace of mind and motivation to achieve their goals and aspirations as individuals whilst we protect and safeguard them in times of crisis.”

AXA Egypt’s latest brand campaign, ‘Know You Can’ is an inspirational message empowering individuals to achieve their potential and nourishes the awareness about the significant role of insurance in the daily life of Egyptians. “Know You Can reflect our values and our commitment to transform the perception of insurance. We empower people’s self-belief and how they are capable of chasing their dreams, knowing that we are partners along every step of the journey, and that we have their back,” said Khaled el Shaarany, Deputy Chairman of AXA Life.

AXA Egypt Group was established in February 2015 and offers general, life and savings, life protection, health and micro-insurance plans. With over 750 employees, AXA Egypt’s team has served to-date over one million customers nationwide, providing them with the tailored protection they need.