• Hegazy: Renewing cooperation with Banque Misr enhances the access of the bank’s clients of all segments across the country to insurance services under one roof.
  • El-Etreby: We are looking forward to continuing our successes with Allianz Egypt to enrich our banking and non-banking services and meet the needs of our clients all over the country.

Cairo: Allianz Egypt, the leading insurance company in the country affiliated to Allianz Global Investors, announced the renewal of its partnership with Banque Misr, the oldest bank operating in the Egyptian banking sector, for the upcoming five years. Besides life insurance services offered over the past 20 years cooperatively with Banque Misr, Allianz Egypt will offer through the bank property insurance services.

The cooperation renewal aims at offering integrated insurance services for the Banque Misr clients, where the signing ceremony was held at the Allianz Arena Stadium in Munich, Germany. Senior representatives from Allianz Egypt, Allianz Global Investors and Banque Misr were attended the ceremony.

The agreement, which coincided with the celebration of a 20-year-cooepration between Allianz Egypt and Banque Misr in life insurance, aims to launch a number of insurance services as well as to develop a mechanism for the services the company offers to meet the different needs of the bank’s clients under one roof.  Such services are provided at over 350 branches of Banque Misr present all over Egypt. The renewal of the bilateral collaboration will double the company’s portfolio. While the subscribed installments amounted to 3,6 million EGP, Allianz will target 8 million EGP of subscribed shares.

During the ceremony, Mr. Ayman Hegazy, Chairman and CEO of Allianz Egypt, expressed his happiness with the renewal of the strategic partnership with Banque Misr, saying: “We are looking forward to continuing the success witnessed over the past 20 years in life insurance with one of the major banks operating in the Egyptian banking sector. It is part of our strategy to reinforce our presence in the sector and raise the company’s market share through boosting our client base.”

“Such a goal can be achieved through ensuring the delivery of our insurance solutions to all segments via diverse distribution channels across the country through ‘Bancassurance.’ We have also widened our cooperation base to include life and property insurance to endorse flexible measures for clients that guarantee an exceptional experience. This, in turn, will support the financial sector in Egypt to conform to the state’s efforts of achieving financial inclusion,” he added.

On his part, Mohamed El-Etreby, Banque Misr CEO, said: “We are proud of the successes we have achieved together with Allianz over the past two decades in the field of life insurance, which makes us optimistic about the expected outcome of the property insurance.”

“At Banque Misr, we seek to boost our alliances in order to meet all the needs of our clients of services and products designed for them and delivered through our network of branches nationwide and via our distinguished digital services. This augments the efforts of the Financial Inclusion Initiative launched by the Central Bank of Egypt via the inclusion and participation of citizens of all segments and age groups,” he added.

The strategic partnership between Allianz Egypt and Banque Misr kicked off in 2022 in the area of life insurance, witnessing many successes through a variety of innovative insurance solutions that meet the different needs of clients. Allianz Egypt has been cooperating with seven different banks, which contributes its consistent presence all over the country through promotional outlets that ensure a premium customer service experience.

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About Allianz Egypt:

Allianz is a multinational German insurance operating since 1890. With more than 86 million customers in over 70 countries, it has established itself as one of the world’s strongest financial communities. Allianz Egypt, comprising of “Allianz Life Assurance Company – Egypt” and “Allianz Insurance Company – Egypt”, have a long and successful track record in the Egyptian Insurance market, providing comprehensive and integrated insurance services to business partners and individuals who require the best of local know-how based on extensive international expertise and experience.