Allianz Egypt, the leading insurance company in the country, renewed its Bancassurance agreement with Crédit Agricole Egypt, a subsidiary of the Crédit Agricole Group, one of the world’s leading institutions in the banking sector, for another four years.
The renewal of the cooperation agreement aims to provide an array of comprehensive insurance services and solutions through Credit Agricole Egypt’s multiple distribution channels that target different segments in order to expand Allianz Egypt’s customer base while providing the best insurance services to the bank’s customers.
The signing ceremony was held in May 2023. Ayman Hegazy, Chairman and CEO of Allianz Egypt, and. Charles Tawdros, Managing Director of Allianz Life Assurance, signed the deal on behalf of Allianz Egypt. Crédit Agricole Egypt was represented by its Chairman and Managing Director, Jean-Pierre Trinelle, and Deputy Managing Director Walie El-Din Lotfy.
“Through this partnership, we aim to offer and manage all financial and insurance services relating to life, property, and casualty insurance under one roof, integrating citizens of different segments and age groups to achieve financial inclusion, in addition to increasing the company’s market share and produce a stable financial performance for the non-banking financial industry,” Hegazy stated.
Jean-Pierre Trinelle, said: “At Credit Agricole Egypt, we are committed to delivering tailored solutions that meet the evolving needs of our valued customers. Hence, the bank has been keen to provide the necessary global financial and protection services that our customers seek, and this has enabled us to maintain a strong position in the realm of Bancassurance.”
Tawdros praised the partnership agreement, saying: “The insurance services of Allianz Egypt will be promoted through the bank’s 83 branches across the country as per the agreement. The target sales are up to EGP 1 billion over four years based on the rules of the Bancassurance mechanisms stipulated by the CBE and the Financial Regulatory Authority,” .
Lotfy said: “By synergizing the strengths of banking and insurance, we aim to provide unparalleled convenience, protection, and growth opportunities for our clients, ensuring their financial well-being in an ever-changing world.”
