French AXA Insurance pumps $6.8 million into CIL Egypt’s capital

French insurance group AXA has completed pumping 60 million Egyptian pounds ($6.8 million) into its recently-acquired Commercial International Life Insurance Company (CIL)’s capital, said chief executive of AXA Egypt.

The increase in CIL’s capital to 150 million pounds aims to meet with AXA’s planned expansion scheme involving launch of new insurance products in the coming phase in Egypt, Hassan El-Shabrawishi, CEO of AXA Egypt, told Amwal Al Ghad.

The French insurer acquired earlier in 2015 approval from the Egyptian Financial Supervisory Authority (EFSA) to acquire 100 percent of CIL for €88 million (763 million pounds).

AXA Egypt offers life, health, property, accident insurance services for individuals, Small and Medium-sized Enterprises (SMEs), and corporations.

AXA, France’s largest insurer, is a multinational, investment banking firm headquartered in the 8th arrondissement of Paris that engages in global investment banking, securities, investment management, insurance, and other financial services. It is one of the world leading insurance and asset management groups, serving 102 million clients, individuals and business, in 56 countries.