Allianz Establishes Holding Company

Allianz Insurance – Egypt plans to form a holding company encompassing Allianz Insurance (Life), Allianz Insurance (Property) and Allianz Takaful Insurance to be in line with the conditions set by Egyptian Financial Supervisory Authority.

The process will take at least a year and half, said Udo Krüger chairman and CEO of Allianz Insurance-Egypt and chairman of Allianz Insurance.

Allianz is planning to move their headquarters to another place this year.

Krüger added that the company is studying restructuring the training center to comply with international standards to train its employees and employees from other insurance companies in Egypt.

In addition, Allianz intends offering Takaful services (Islamic insurance). The company will either file an application to Egyptian Financial supervisory Authority demanding a license to offer Takaful services and that will take 6 months, or choose from the existing companies after studying their portfolios and balance sheets. Krüger expected taking a decision about this matter after three months at most.