AXA Life Egypt wins a major investment bank’s insurance policy tender

AXA Life Insurance Egypt, part of French AXA Insurance Group, has won an insurance policy tender launched by one of the major investment banks in the country.

The policy is a one-year renewable term, with total sum insured of 63.5 million Egyptian pounds ($3.5 million).

It is designated to provide life insurance cover for around 635 employees in the investment bank, said Mohamed El Morsy, managing director of the brokerage firm, Future Insurance Brokerage. It covers natural death, and total or permanent partial disability.

AXA completed earlier in 2015 the acquisition of 100 percent of Commercial International Life Insurance Company (CIL), a leading Egyptian Life insurance player, for a cash consideration of 763 million pounds (€88 million).