Allianz reaches group life insurance deal with Egypt’s United Bank

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Allianz Egypt, part of German insurer Allianz, signed on Thursday a group life insurance deal with Egypt’s state-run United Bank.

Under the deal, Allianz will provide United Bank’s 1,740 personnel fund with insurance cover in case of death, due to any cause, total and permanent disability, and retirement, managing director Ayman Hegazy told Amwal Al Ghad.

Egyptian investment bank EFG Hermes is managing United Bank’s personnel fund.

Allianz Egypt’s group life plan offers a unique employee retention system that provides income protection coverage for the insured beneficiaries, Hegazy said.