French AXA Insurance gets regulatory approval to buy Egypt’s CIL

French insurance group AXA received approval from the Egyptian Financial Supervisory Authority (EFSA) to acquire 100 percent of the Commercial International Life Insurance Company (CIL), CEO of AXA Egypt announced Sunday.

AXA, France’s largest insurer, plans to pay €88 million (763 million Egyptian pounds equivalent) in cash for 100 percent of the Commercial International Life Insurance Company.

Commercial International Life Insurance Company is a joint venture life insurance company; the principal shareholders are Legal & General of the UK (55%) and the Commercial International Bank of Egypt (CIB) (45%).

Hassan El-Shabrawishi, CEO of AXA Egypt, further told Amwal Al Ghad that his company obtained the Egyptian Cabinet’s approval for the acquisition deal during the past month.

Following the regulatory approval and the completion of all the legal procedures for the CIIL takeover deal, AXA aims to activate CIL’s life insurance activity early 2016, he added.

AXA plans to pump a capital increase into CIL to meet with the French group’s planned expansion scheme which includes the launch of new insurance products in the coming phase, El-Shabrawishi said.