Allianz Egypt said Wednesday that it has extended its partnership with Banque Misr for five years to integrate the insurance services offered by the country’s second-largest state-owned bank to clients.
The insurance firm said that it will add property and casualty insurance to a suite of products that are offered by Banque Misr. “Besides life insurance services offered over the past 20 years cooperatively with Banque Misr, Allianz Egypt will offer through the bank property insurance services,” Allianz Egypt said in a statement.
The agreement, which coincided with the celebration of a 20-year-cooperation between Allianz Egypt and Banque Misr in life insurance, aims to launch several insurance services as well as to develop a mechanism for the services the company offers to meet the different needs of the bank clients under one roof.
The renewal of the cooperation will double Allianz Egypt’s business portfolio. Over the next five years, the insurance firm is targeting gross written premiums of $323 million (EGP 8 billion) compared to $145 million (EGP 3.60 billion) at the time.
