L&G sells Egyptian life insurance joint venture for £62.8m

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Legal & General has sold its Egyptian life insurance business to AXA for £62.8m.

Commercial International Life Insurance was jointly owned by L&G and Commercial International Bank, with L&G owning 55 per cent of the business.

CIL was formed in 1998 and was the first life insurance company in Egypt to adopt the bancassurance model.

It has 90,000 individual insurance policies and provides retirement benefits, group life and credit life insurance for around 350,000 customers.

The sale is subject to regulatory approval and expected to complete before the end of 2015.

Legal & General emerging markets managing director Simon Burke says: “Legal & General is delighted to have been part of the success of CIL for the past 17 years, and pleased to see the positive impact that life insurance has delivered to its Egyptian customers.

“Legal & General’s strategy of building scalable, customer-focused, long-term businesses has been achieved in Egypt, and now is the right time to hand the business over.”