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Legal and General Closes EGP 763m Sale Egyptian Life Insurance JV to Axa.

MANews-(C)2009-2015

1 December 2015 - UK-based insurer Legal and General Group Plc and Egyptian financial services firm Commercial International Bank SAE have sold their Commercial International Life Insurance Co. SAE Egyptian life insurance joint venture to French financial services firm Axa for EGP 763m (USD 97.5m), the companies said.

The deal was announced.

CIL is jointly owned by Legal and General with 55%, and CIB with 45% respectively.

It was formed in 1998 and was the first life insurance company in Egypt to adopt the bancassurance model.

In 2014 it was ranked No.3 in the Egyptian life insurance market for new written retail problems.

It has 90,000 individual insurance policies, and provides retirement benefits group life and credit life insurance for circa 350,000 customers.

Established in 1836, Legal and General is a provider of insurance, savings and investment management products in the UK.

Country: Egypt

Sector: Insurance

Target: Commercial International Life Insurance Co. SAE

Buyer: Axa

Vendor: Legal and General Group, Commercial International Bank SAE

Deal size in USD: 97.5m

Type: Divestment

Financing: Cash

Status: Closed

Buyer advisor: , ,

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Publication:M & A Navigator
Date:Dec 1, 2015
Words:185
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