Cairo, October 3, 2024 – AXA Egypt is proud to establish Egypt's first micro-insurance company through a joint venture with Post for Investment (PFI), the investment arm of Egypt Post. Enabled by the new insurance law, this joint venture aims to extend coverage to 12 million Egyptians across all governorates, contributing to national socio-economic development by introducing simple, relatable products that address real needs.

The inclusive-insurance offerings will include both retail and group products, covering areas such as hospital cash (Hospi-cash), personal accident (PA), term life, payment protection, credit life, livestock insurance, and group protection. These products will be available either embedded or on a voluntary basis, ensuring accessibility through multiple channels, including Egypt Post's extensive network, microfinance institutions (MFIs), and digital fintech platforms.

The announcement was made during a press conference attended by key figures, including HE Dr. Amr Talaat, Minister of Communications and Information Technology; HE Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA); Mr. Abdo Alwan, Chairman of the National Postal Authority; HE Éric Chevallier, the French Ambassador to Egypt; Thomas Buberl, AXA Group CEO; Omar Shelbaya, CEO of AXA Egypt; and Ahmed Ali, CEO & Managing Director of Post for Investment.

Through this joint venture, AXA and PFI aim to provide inclusive-insurance products that offer financial security and protection to individuals and families, particularly in the face of unexpected events. This venture also aligns with AXA’s “Unlock the Future” 2024-26 strategy.

Thomas Buberl, AXA Group CEO, emphasized the importance of the venture, stating: "AXA aims to be a leader in inclusive insurance in Egypt and the region. Since 2016, AXA has introduced inclusive insurance in more than 20 countries, with Egypt being among the first. By 2026, AXA aims to protect 20 million clients globally with inclusive insurance, demonstrating our commitment to social impact and ensuring protection for vulnerable communities. This collaboration with PFI is a crucial step in expanding insurance services and ensuring essential protection reaches Egyptians across the country. We will leverage Egypt Post's extensive branch network and AXA's insurance expertise to deliver exceptional services to our clients."

Omar Shelbaya, CEO of AXA Egypt, said: "We are honored to be part of establishing Egypt's first micro-insurance company, which will protect millions of Egyptians in a way that complements the national initiatives launched by the country. This joint venture is a testament to AXA's commitment to providing insurance services aligned with our 'Unlock the Future' strategy. We strongly believe in the power of public-private partnerships to enhance the economic and social well-being of Egyptians."

Abdo Alwan, Chairman of the National Postal Authority, commented: "This partnership highlights the strength of our network capabilities and the trust placed in Egypt Post. It also reflects the significant technological infrastructure developments our institution has undergone in recent years, making Egypt Post a key partner for various service providers. In this regard, we will support the partnership through a network agreement, allowing the new company to offer micro-insurance services efficiently and effectively to our customers—and citizens in general—via our widespread network of branches across the country."

Ahmed Ali, CEO & Managing Director of Post for Investment, stated: "This partnership marks a new milestone in our company’s strategy. We take pride in our efforts to finalize this collaboration—under the auspices of the Ministry of Communications and Information Technology and the Financial Regulatory Authority, with strong support from Egypt Post—with a seasoned and reputable partner like AXA Group. We continue to build public-private partnerships, leveraging Egypt Post’s unique network capabilities and the trust it holds among the Egyptian people, to deliver innovative financial and investment products to a wide segment of society, while achieving sustainable and attractive financial returns."

With a global presence in more than 50 countries and over 100 million clients worldwide, AXA has long been a leader in the insurance industry. AXA's inclusive insurance products are a key part of its mission to promote financial inclusion for underserved populations. Meanwhile, Post for Investment (PFI) is an Egyptian joint-stock company established under Law No. 159 of 1981. As the investment arm of Egypt Post, PFI focuses on enhancing profitability through strategic development projects and digital transformation, while maintaining transparency, governance, and strong internal control systems.