Axa SA (CS), France’s largest insurer, is looking to expand its presence into Egyptian market, deputy head of Egypt’s market regulator announced on Sunday.
According to Mohammed Maait – Vice Chairman of the Egyptian Financial Supervisory Authority (EFSA) – the French insurer has submitted a formal request to the EFSA, aiming to receive the regulatory approval to launch two firms for life and properties insurance activities in Egypt.
Speaking to Amwal Al Ghad on Sunday, Maait revealed Axa Group’s genuine keenness to launch a holding company in the Egyptian market. The French group has recently completed the Egyptian General Authority for Investment (GAFI)’s procedures needed to found a holding company in the country, the top official added.
During his most recent visit to France, Egyptian President Abdel Fattah al-Sisi had met with Axa Group’s chairman to discuss building Axa’s presence in Egypt.
Axa is one of the world leading insurance and asset management groups, serving 102 million clients, individuals and business, in 56 countries.
Established in 1817, Axa Group was created through the merger of several insurance companies, the oldest of which – La Compagnie d’Assurance Mutuelle contre l’Incendie dans les départements de la Seine Inférieure et de l’Eure – was founded in Rouen 10 months after the establishment of the Mutuelle ACL, which is France’s oldest insurance company.
The group, headquartered in the 8th arrondissement of Paris, operates primarily in Western Europe, North America, the Asia Pacific region, and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.