AlexBank, MetLife Alico announce Bancassurance Partnership

The Pharaonic American Life Insurance Company- Alico (MetLife Alico) will offer its products through the nationwide branches of AlexBank – a member of Italian Intesa Sanpaolo Group.

AlexBank and MetLife Alico have launched Monday a strategic partnership to adopt the bank insurance model (BIM) or bancassurance. As pursuant to the partnership, MetLife will offer its insurance products through AlexBank’s branches that amount to 170 across the country.

In this respect, Bassel Rahmy – Chief of Retail and SME Banking Group at AlexBank – said the partnership aims to offer clients outstanding bancassurance services.

The Central Bank of Egypt (CBE) has recently set the required regulations to allow insurance companies and banks to offer bancassurance services after being suspended in 2007.

The bancassurance regulations and measures set by the CBE stressed on the necessity of covering risks related to bancassurance services along with separating banks’ activities from insurance companies’ as well as the adherence to transparency and disclosure requirements.

Banks willing to launch bancassurance services shall first submit a formal request to the Control and Supervision Sector before reaching any agreements with insurance companies.
The Pharaonic American Life Insurance Company- Alico ( MetLife Alico) was incorporated in Egypt  in 1997. It is the first life insurance company to enter the Egyptian market with a major share holding of an international life insurance company.