Egypt's market regulator has given a preliminary approval to set up an Egyptian arm for the France-based leading insurer Axa, senior insurance sources near from the talks told Amwal Al Ghad Thursday. Last November, Henri de Castries, Chairman and Chief Executive Officer of the second biggest insurance firm in Europe, AXA, announced his company's keenness to enter the Egyptian market, after meeting with Egyptian President Abdel Fattah al-Sisi, who was visiting the country in that time. Furthermore, the sources stated to Amwal Al Ghad that Axa's Egyptian arm is set to be with 600 million Egyptian pounds (US$78.7 million) of authorised capital and 60 million pounds (around US$8 million) as issued capital. Axa is one of the world leading insurance and asset management groups, serving 102 million clients; individuals and business, in 56 countries. The group, headquartered in the 8th arrondissement of Paris, operates primarily in Western Europe, North America, the Asia Pacific region, and the Middle East. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries.
