Egypt's PM probes potentials for investment with AXA chiefs

Prime Minister Ibrahim Mahlab received on Thursday met Denis Duverne, Deputy Chief Executive Officer of AXA Insurance Company, and his accompanying delegation.

The meeting, attended by Egyptian Financial Supervisory Authority (EFSA) Board Chairman Sherif Sami, went over the company's future plans for investment in Egypt.

According to Cabinet Spokesman Hossam Al Qaweesh, the prime minister affirmed Egypt's keenness on developing the Egyptian insurance market, noting that the sector's revenues were estimated at EGP 14 billion in 2014, which meant a 12.2 percent increase.

Although investment in the Egyptian insurance sector reached EGP 49 billion, in addition to EGP 40 billion in private insurance funds, the government of Egypt was expecting better results for 2015, the spokesman quoted Mahlab as saying.

During the meeting, AXA Insurance Company chiefs reviewed the company's future plan for investment in Egypt, the spokesman said, adding that AXA was planning to invest some one billion Egyptian pounds in two companies in their year one in Egypt, to be followed by another EGP 500 million over the next three years, Qaweesh said.

The prime minister asked AXA chiefs to provide special insurance offers for tourists visiting Egypt, being an element that would attract more visitors, the spokesman said.

Mahlab also asked them to provide insurance programs that would fit the needs of the Egyptian market, he added.

For his part, EFSA chairman said that AXA Group worked in 59 countries around the world and that its presence in Egypt would represent a privilege for the Egyptian insurance market.

AXA Insurance Company is a core business entity of the AXA Group. AXA is a French, multinational, investment banking firm headquartered in Paris. It is engaged in global investment banking, securities, investment management, insurance, and other financial services.