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AXA Egypt Concludes Fiscal 2021/2022 Results With Effective Operational Outcomes And Strong Performance

Dec 21, 2022

AXA Egypt released its business results for the fiscal year 2021/2022, with growth rates and revenues above its expected target, as the surplus of insurance activity hit EGP 262 million. AXA Life Insurance Company recorded an activity surplus of about EGP 173 million, while AXA Insurance Company recorded an activity surplus of EGP 89 million. The policyholder’s equity reached EGP 10bn by the end of 2021/2022 fiscal year for AXA companies in Egypt, where AXA Life recorded EGP 9.3bn for policyholder’s equity while AXA General recorded almost EGP 700m for the same year. This affirms AXA’s robust strategy during its 7 years in the Egyptian market, providing all insurance products to its customers across all lines of business to meet their needs through innovative marketing and distribution channels.

AXA Group, represented by “AXA Life Insurance” and “AXA General Insurance” succeeded in achieving a total premium portfolio with a value of about EGP 5.1 billion during the fiscal year 2021/2022, as AXA Life Insurance achieved premiums of around EGP 4 billion, while AXA General Insurance achieved premiums amounting to about EGP 1.1 billion.

AXA managed to repay total claims to its customers, amounting to EGP 4.1 billion during the fiscal year 2021/2022, whereby AXA Life Insurance announced it has paid claims with a total amount of about EGP 3.2 billion, while AXA General Insurance’s paid claims amounted to approximately EGP 0.9 billion within the same fiscal year.

Strengthening its role in the Egyptian insurance market, AXA Life Insurance launched new protection products earlier in 2022, aiming to provide comprehensive protection for customers. In this context, AXA aims to achieve a growth rate of 30% within its premium portfolio during the fiscal year 2022/2023, focusing on offering innovative products and directing its efforts towards digital transformation in the insurance sector, in order to provide services to its customers in Egypt, who reached more than 2.1 million customers by the end of 2022.

Ayman Kandeel, Managing Director of AXA Life Insurance Egypt and Chairman of AXA General Insurance, expressed his pleasure of AXA’s success in expanding within the Egyptian market. He said: "We aim to continue our investments in Egypt and expand through our one-stop shop strategy. This comes in line with the framework of our commitment to supporting the insurance sector in Egypt, and gaining our customers and partners’ trust.”

Kandeel added: "We, at AXA Egypt, are keen on instilling our role as a responsible investor in the insurance sector, with a vision to move from being just a “payer” to becoming a “partner” to our customers. Seeking expansion in the coming years through innovative partnerships in different sectors, we aim to provide all insurance coverage and offer more than 40 products to larger segments of customers to increase awareness about protection as a concept.”

In implementation of AXA’s expansion plans, the year 2022 witnessed various strategic partnerships. For instance, AXA signed a one-of-its-kind partnership, with Egypt Post and Post for Investment (PFI), the insurance arm for Egypt Post, to establish the first Egyptian micro-insurance firm once the law is issued.

Additionally, AXA continued to implement its expansion plans and achieve its strategy through diversified strategic partnerships. It signed a cooperation agreement with Arab African International Bank to provide more than 20 insurance products to the bank's clients in order to obtain an integrated portfolio of products, including medical insurance policies, various plans for life insurance, savings and various protection plans. AXA General Insurance also signed a 5-year cooperation agreement with the Commercial International Bank (CIB) to offer general insurance products in the bank’s branches.

In 2022, AXA General Insurance announced growing its partnerships across various sectors, such as the real estate sector, where the company cooperated with Maven Developments to provide home insurance within other services to its customers. Moreover, the company signed a long-term partnership agreement with B-Tech, the largest chain specializing in the sale and distribution of electrical and electronic devices in the Egyptian market, to provide its customers with damage insurance.

It is worth mentioning that AXA Egypt started operating in the Egyptian market since 2015, providing Egyptians with a range of insurance products: general, life & savings, life protection, health, Car, property, corporate, micro-insurance plans and other innovative services that meet all customer needs