Cairo – 18 June 2023: 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. Mr. Ayman Hegazy, Chairman and CEO of Allianz Egypt, and Mr. 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, Mr. Jean-Pierre Trinelle, and Deputy Managing Director Mr. Walie El-Din Lotfy. The ceremony was also attended by Mr. Khaled Ali, Deputy Managing Director of Allianz Insurance Company.
“At Allianz, we look forward to building on the achievements we have realized through our alliances with the prominent banks operating in the banking industry in Egypt regarded as some of the first alliances to offer Bancassurance services. Among those partnerships is our cooperation with Crédit Agricole Egypt, which has been reflecting our shared vision, values, and mutual trust for almost 20 years now,” Mr. Ayman Hegazy stated.
“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 added.
On his part, Mr. 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. Through collaborating closely with Allianz Group in Egypt, we have seized the opportunity to augment the value we bring to our customers, establish a shared digital development roadmap, and expand the scope of activities with a particular focus on non-life insurance and the non-individual customer segment.”
Trinelle added that Credit Agricole and Allianz Egypt share the ambition to continuously improve their offerings and nurture strong customer relationships. He also highlighted both entities’ dedication towards operational excellence, ensuring that they consistently provide exceptional Bancassurance coverage and deliver Top reference customer experience in Egypt.
Mr. Charles Tawdros praised the partnership agreement, saying: “We at Allianz Egypt take pride in our strategic corporation with Crédit Agricole Egypt as one of the important financial entities that started its operations years ago. We are optimistic about the expected outcome after the renewal of our agreement.”
“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,” Tawdros explained.
Mr. Walie El-Din Lotfy said: “I am proud that the bank has successfully integrated the realms of banking and insurance by offering innovative Bancassurance services. Our strategic approach combines the expertise of both industries, allowing us to offer comprehensive financial solutions tailored to the diverse needs of our valued customers. 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.”
The renewal of the partnership between Allianz Egypt and Crédit Agricole Egypt, which first kicked off in 2003, came as part of the insurance company’s pursuits towards offering its clients the finest insurance services and coverage that are appropriate for all segments while facilitating them through several marketing channels in the process.
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 2000, Allianz raised its ownership of AIIC to 85%. Four years later, Allianz fully acquired the company, offering life insurance, health insurance and property insurance services for individuals and companies through 16 branches and strategic partnerships with major banks in Egypt.
About Crédit Agricole Egypt
Credit Agricole Egypt a subsidiary of Credit Agricole Group, the 10th Largest Global Bank and a Leader in Bancassurance in Europe and present in 46 countries worldwide, is established in Egypt since 2006 and listed on the EGX.
Based on the Group’s complementary activities, our universal banking model offer a complete range of services including savings, bancassurance, financing, leasing, payment and flow management, trade finance, capital market and asset custody.
Serving everyone from the individuals to large international companies is the core of our Raison d’Être “Working every day in the interest of our customers and society”.
Credit Agricole Egypt places human responsibility at the heart of its action, with 83 branches and corporate hubs across Egypt, ensuring all aspects of customer relationship excellence from a dedicated +2500 employees and is providing its +400K customers with the best in class extensive digital platform.