Omar Shelbaya, CEO of AXA Egypt Group, announced that the group has set a goal of achieving 20% annual growth in both profits and insurance premiums for the next three years.
He made this announcement at a press conference held by the company at the end of last week, where he also shared the group’s performance in the fiscal year (FY) 2022/2023. He said that the group achieved 21% growth in life and property insurance premiums and 20% growth in profits compared to FY 2021/2022.
He explained that the group will adopt a one-stop-shop strategy in the Egyptian market, by offering all integrated insurance services to all customer segments.
According to Shelbaya, the group provides all types of medical, property, and life insurance policies and coverages for individuals and small, medium, and large companies, through its two subsidiaries, AXA Insurance Egypt and AXA Life Insurance Egypt.
He added that this strategy helped the group secure a 10% market share among other life and property insurance companies, with the support of various marketing channels.
These marketing channels include a production team that represents 5% of AXA’s marketing channels. “The remaining percentage is distributed among some of our success partners, as we can reach customers through 300 outlets nationwide,” he said.
Shelbaya also said that the group currently offers 35 insurance products to all customer segments and that the group is working to develop these products using technology to reach customers easily and safely.
He revealed that AXA’s products are marketed through branches of three banks under the bancassurance mechanism approved by the Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE).
The list of these banks includes CIB, Ahli United, and the Arab African International Bank. He stated that the company plans to partner with a fourth bank before the end of this year to promote its products through its branches.
Shelbaya emphasized the importance of bancassurance in marketing insurance products, especially for life insurance activity. He said that about 80% of the group’s life insurance products are marketed through this mechanism.
He also said that AXA will expand its geographical presence by opening new branches in Mansoura and one of the governorates of Upper Egypt. He highlighted the high financial solvency of AXA Insurance and AXA Life Insurance Egypt, in line with the requirements of the Unified Insurance Law currently being discussed in the House of Representatives.
At the end of the conference, Shelbaya honored representatives of several media outlets, including Daily News Egypt, for their role in raising insurance awareness among citizens, and informing them about insurance and its role in protecting their rights and interests.
Areej Marzouk, the company’s human resources development officer, conducted a training course for journalists on the latest developments in the insurance sector, and the role of the AXA Group in supporting and developing this sector globally and locally.
