Egyptian Life Takaful Company – GIG is entering into bancassurance partnership with the National Bank of Kuwait – NBK Egypt to offer insurance services through the bank’s nationwide branches.
This comes after GIG received approvals from market regulator, the Egyptian Financial Supervisory Authority (EFSA), the insurer’s managing director Rimah Asaad told Amwal Al Ghad on Saturday.
GIG will activate its bancassurance agreement with NBK-Egypt after receiving the approval of the country’s central bank, Asaad said.
This agreement is part of the GIG’s strategy to expand into bancassurance activities in the current financial year, he added.
Asaad further said GIG had previously signed bancassurance contracts with three banks; namely Bank Audi Egypt, Abu Dhabi Islamic Bank, National Bank of Abu Dhabi (NBAD), and Banque Misr through its Islamic branches.
Offering bancassurance services have contributed to boost GIG’s portfolio of premiums by 2 percent, to stand at 350 million Egyptian pounds ($39.4 million) during the financial year 2015-2016, Assad stated.
GIG is negotiating with another bank operating in the Egyptian market to offer bancassurance services, to join the other four banks in addition to the Islamic branches of Banque Misr, Asaad concluded.
Bancassurance has been allowed, by the central bank, since 2013.
Egyptian Life Takaful Company – GIG, is 60.62 percent owned by Kuwait’s Gulf Insurance Group.