MetLife Alico Cooperates with AlexBank and Barclays for Bancassurance Activities

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Egypt’s Pharaonic American Life Insurance Company- Alico (MetLife Alico) is aiming to obtain a regulatory approval to start bancassurance activities.

According to the Mohammed Maait – Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA), MetLife Alico has submitted a request to the EFSA, seeking to practice the bancassurance activities in cooperation with AlexBank and Barclays Egypt.

MetLife Alico was incorporated in Egypt in 1997, to be the first life insurance company to enter the Egyptian market with a major share holding of an international life insurance company.

Moreover, the Egyptian top official further noted that EFSA gave its approval in the last few months for 3 insurance companies so as to promote its products through banks’ various network.

The three insurance firms recently obtained the regulatory approvals are;

1) Arope Insurance Egypt – Life (through BLOM Bank’s branches),

2) Misr Life Insurance (through branches of Housing and Development Bank (HDB) and Egyptian Gulf Bank (EGB) and soon of Société Arabe Internationale de Banque (SAIB)),

3) The Commercial International Life Insurance Company (branches of Commercial International Bank – Egypt).

The table below demonstrates the names of insurers and banks seeking to practice bancassurance activities:

Insurers

Banks

EFSA’s Approval

Egyptian Takaful Insurance Company (Property)

undecided yet

Egyptian Takaful Insurance Company (Life)

Bank Audi – Egypt & Abu Dhabi Islamic Bank (ADIB) – Egypt

Arope Insurance Egypt – Life

BLOM Bank Group

Obtained on 07/08/2014

Arope Insurance Egypt – Properties

BLOM Bank Group

Misr Life Insurance

Housing and Development Bank (HDB), Egyptian Gulf Bank (EGB) and SAIB

Obtained on 13/05/2014 (HDB)

Obtained on 07/05/2014 (EGB)

ACE Life Insurance

undecided yet

Allianz Life Insurance

Arab African International Bank (AAIB), HSBC, Banque Du Caire, Banque Misr, Crédit Agricole Egypt, Emirates NBD, Mashreq Bank, Piraeus Bank Egypt

Allianz Life Insurance

undecided yet

Iskan Insurance

Housing and Development Bank (HDB)

Nile Family Takaful (NFT)

undecided yet

AIG Egypt Insurance Company

undecided yet

NSGB Life Insurance Company

QNB ALAHLI

Commercial International Life Insurance Company

Commercial International Bank – Egypt (CIB)

Obtained on 07/08/2014 (HDB)

 

MetLife Alico

AlexBank and Barclays Egypt

Royal Insurance

undecided yet

Libano -Suisse Takaful Insurance Company

undecided yet

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