Allianz Egypt Signs Partnership Agreement with Suez Canal Bank to Expand Bancassurance Services
Cairo, 4 February 2024 – Allianz Life Assurance Company Egypt – an affiliate of Sanlam Allianz Africa – signed a five-year partnership agreement with Suez Canal Bank to develop the scope of the company’s bancassurance services.
Life insurance services will be covered as per the agreement, a step expected to maximize the company’s competence in meeting the demands of clients and offering high-quality insurance services.
The move reflects Allianz’s perpetual commitment toward its clients, bringing about financial inclusion, offering digitally innovative state-of-the-art services as well as making use of the different partnerships it had entered to further expand and create new opportunities.
Allianz Egypt Chairman and CEO Mr. Ayman Hegazy, Allianz Life Assurance Managing Director Mr. Charles Tawdros along with Suez Canal Bank Chairman and Managing Director Mr. Hussein El-Refaie and witnessed the signing ceremony.
“We are proud of our partnership with Suez Canal Bank, reflecting our keenness on achieving a well-adjusted financial performance of banking and non-banking sectors in Egypt,” Mr. Hegazy stated.
The agreement conforms to the strategy of Allianz Egypt, which is based on different spectrums relying on efficiently investing in innovative solutions that are likely to push forward the Egyptian insurance sector toward a more sustainable future. The company has always been seeking to forge agreements with leading corporations in different fields, while adopting visions that echo our goals and, in turn, enable our clients, who belong to different age groups, to receive insurance and financial services under one roof. We hope that our partnership with Suez Canal Bank will materialize into several achievements,” Hegazy said.
On his part, Mr. Refaie said: “We aim through our partnership with Allianz Egypt to maximize the value of services offered to our clients and meet their needs through over 700 branches covering more than 19 Egyptian provinces. Allianz Egypt has always been our preferred bancassurance service provider as a leading company in the Egyptian market for the past 45 years.”
Mr. Tawdros hailed the partnership renewal, saying: “The deal with the Suez Canal Bank, which delivers its services through more than 50 branches, reflects how the company is optimistic about what such cooperation can realize.”
“The agreement emphasizes our commitment toward expanding our customer base. We offer the clients of Allianz products and innovative services designed especially to meet the needs of every individual. Clients will be able to have any transactions performed without visiting the company,” Mr. Tawadros said.
“Through the collaboration with Suez Canal Bank, Allianz Egypt aims to maintain its leading status in the insurance sector, which promotes the company’s market share in bancassurance, especially since it has a portfolio of partners that includes eight banks, being the preference of major banks in Egypt,” he added.
Over the years, Allianz Egypt has maintained a portfolio of partnerships in several sectors in the country, including bancassurance, brokers, and reinsurers. The company has been working on enhancing the quality of its services through various coverage plans that fulfill the requirements of several segments of clients.
Allianz Egypt aims to expand its distribution network as well as attract new business opportunities via innovative channels to boost the insurance sector in Egypt.
About Allianz Egypt:
Allianz entered into a partnership agreement with South African Group Sanlam, a leading Pan-African non-banking financial services company in 2023. The joint venture reiterates Allianz’s strategy of expanding its operations in African markets to boost business growth and maximize business value as well as offer clients insurance solutions that meet all their needs. Allianz is a multinational German insurance group operating since 1890. In 1976, Allianz Egypt started as a shareholder in Arab International Insurance Company (AIIC). In 2004, Allianz fully acquired AIIC under several trade names, offering life insurance, health insurance, and property insurance services for individuals and companies through 19 branches and strategic partnerships with leading banks in Egypt.