Egypt's Pharaonic American Life Insurance Company- Alico (MetLife Alico) is aiming to obtain a regulatory approval to start bancassurance activities. According to the Mohammed Maait - Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA), MetLife Alico has submitted a request to the EFSA, seeking to practice the bancassurance activities in cooperation with AlexBank and Barclays Egypt. MetLife Alico was incorporated in Egypt in 1997, to be the first life insurance company to enter the Egyptian market with a major share holding of an international life insurance company. Moreover, the Egyptian top official further noted that EFSA gave its approval in the last few months for 3 insurance companies so as to promote its products through banks' various network. The three insurance firms recently obtained the regulatory approvals are; 1) Arope Insurance Egypt – Life (through BLOM Bank's branches), 2) Misr Life Insurance (through branches of Housing and Development Bank (HDB) and Egyptian Gulf Bank (EGB) and soon of Société Arabe Internationale de Banque (SAIB)), 3) The Commercial International Life Insurance Company (branches of Commercial International Bank – Egypt). The table below demonstrates the names of insurers and banks seeking to practice bancassurance activities: Insurers Banks EFSA's Approval Egyptian Takaful Insurance Company (Property) undecided yet - Egyptian Takaful Insurance Company (Life) Bank Audi – Egypt & Abu Dhabi Islamic Bank (ADIB) – Egypt - Arope Insurance Egypt – Life BLOM Bank Group Obtained on 07/08/2014 Arope Insurance Egypt – Properties BLOM Bank Group - Misr Life Insurance Housing and Development Bank (HDB), Egyptian Gulf Bank (EGB) and SAIB Obtained on 13/05/2014 (HDB) Obtained on 07/05/2014 (EGB) ACE Life Insurance undecided yet - Allianz Life Insurance Arab African International Bank (AAIB), HSBC, Banque Du Caire, Banque Misr, Crédit Agricole Egypt, Emirates NBD, Mashreq Bank, Piraeus Bank Egypt - Allianz Life Insurance undecided yet - Iskan Insurance Housing and Development Bank (HDB) - Nile Family Takaful (NFT) undecided yet - AIG Egypt Insurance Company undecided yet - NSGB Life Insurance Company QNB ALAHLI - Commercial International Life Insurance Company Commercial International Bank – Egypt (CIB) Obtained on 07/08/2014 (HDB)
MetLife Alico AlexBank and Barclays Egypt - Royal Insurance undecided yet - Libano -Suisse Takaful Insurance Company undecided yet -
