Legal & General to sell stake in Egyptian life insurance JV to AXA
Lawful and General Group (L&G) has declared the offer of its Egyptian Life Insurance joint endeavor (JV) Commercial International Life Insurance Company (CIL) to French back up plan AXA in an arrangement worth EGP763m ($97.5m). CIL is mutually claimed by Legal and General with 55%, and Commercial International Bank SAE (CIB) with 45% individually. CIL was shaped in 1998 and was the main life coverage organization in Egypt to embrace the bancassurance model. It has 90,000 individual insurance arrangements, and gives retirement benefits bunch life and credit life coverage for around 350,000 clients. Finishing of the exchange is dependent upon standard shutting conditions, including the receipt of administrative endorsements, and is supposed to occur toward the finish of 2015. Legitimate and General developing business sectors overseeing chief, Simon Burke, said: "Lawful and General's technique of building adaptable, client focussed, long haul organizations has been accompli...