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Banque Misr Renews Strategic Partnership with Allianz Egypt for the Next Five Years in the Field of Life Bancassurance and Further Enhances it with Property Insurance

Dec 27, 2022 01:00 PM

El-Etreby: We look forward to continuing the success with Allianz Egypt to enhance our banking and non-banking services and to meet the needs of our customers across Egypt.

Hegazy: Renewing cooperation with Banque Misr enhances the access of all bank customers to our insurance solutions of various segments across Egypt under one roof.


Banque Misr recently renewed its strategic partnership with the Allianz Egypt group of companies, a leading company in the Egyptian insurance sector and affiliated with the Allianz International Group, for the next five years, with the addition of property insurance, as the partnership lasted for twenty years in the field of life insurance. Renewal of the partnership aims at providing comprehensive insurance services to the customers of Banque Misr, and the cooperation renewal agreement has been signed in Allianz Arena stadium in Munich, Germany, in the presence of the leaders of Banque Misr, Allianz International Group, and Allianz Egypt.

The agreement, which coincides with the celebration of twenty years of success between Banque Misr and Allianz in Egypt in the field of life insurance, aims to launch a variety of insurance products, develop the service mechanism provided by the company to meet the various needs of bank customers under one roof, through more than 350 Banque Misr branches across Egypt, as well as renewing cooperation will double the company's business portfolio, while written premiums amounted to EGP 3.6 billion, the company, over the next five years, will target written premiums amounting to EGP 8 billion.

Mohamed Mahmoud El-Etreby, Chairman of the Board of Directors of Banque Misr, said "We are proud of the success we have had with Allianz over the past 20 years in the insurance business, which increases our optimism about the expected results in the coming period after launching the property insurance service since we, in Banque Misr, seek to deepen our alliances in order to expand our banking and non-banking services with the objective to meet all the needs of our customers through products and services tailored to them while ensuring that they reach them through our network of branches across Egypt and our distinguished electronic services, which supports the achievement of the financial inclusion initiative set by the Central Bank of Egypt through the integration and participation of citizens of different ages and groups."

During the ceremony, Mr. Ayman Hegazy, Chairman of the Board of Directors of Allianz Group of Companies in Egypt, expressed his happiness at renewing the strategic partnership with Banque Misr, saying "We, at Allianz Egypt, look forward to continuing the success we have witnessed over the past 20 years in the field of life insurance with one of the largest banks operating in the Egyptian banking sector. This comes as part of our strategy to strengthen our presence in the Egyptian banking sector and increase the company’s market share by increasing our customer base and ensuring that our insurance solutions reach different segments through different distribution channels all over Egypt through the bancassurance system. We have also, through the renewal of the partnership, expanded the areas of work with Banque Misr under one roof within the bank branches to include life and property insurance services, in order to ensure flexible and simplified procedures for customers that guarantee them exceptional experience, and contribute to supporting the financial sector in Egypt, in line with the state's efforts to achieve financial inclusion."

It is worth noting that the partnership between Allianz and Banque Misr began in 2002 in the field of life insurance only, to witness many successes through various and innovative insurance solutions that meet the different needs of customers. Banque Misr always strives to enhance excellence in its services to serve and meet all the needs of the various groups of society in an accessible and sophisticated manner, to maintain its long-term success, and to actively participate in fruitful partnerships that reflect positively on society as a whole, as Banque Misr's values and operations strategies always reflect its commitment to sustainable development and prosperity for Egypt.