View more on these topics

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


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.”


Regulations for VCTs and EISs tweaked

The Chancellor has announced further alterations around venture capital trusts and enterprise investment schemes. Subject to state aid approval, companies deemed “knowledge intensive” will only be able to receive investments from VCTs, EISs or SEISs if they are less than 10-years old. This has been lowered from the 12-year limit announced in the March Budget. […]


Greek MPs to vote on three-year bailout plan

Greek prime minister Alexis Tsipras is to formally submit a new three-year bailout plan to the Greek parliament before the plan is put before the eurozone this weekend. Reports suggest the latest plans include many of the measures rejected by Greek voters in a referendum last weekend. According to the Financial Times, these new reform […]


Nick Bamford: Be an ‘insistent adviser’ and just say no

The debate about the cost to consumers of the freedom and choice in pension changes continues. According to at least one national newspaper, consumers are being ripped off by product provider charges, forced to pay exorbitant adviser fees and denied access to their pension pots by the barriers created by said pot providers. So much […]

India correction: a terrific entry point?

By Kunal Desai, head of Indian Equities, Neptune A key concern for investors who were looking at India afresh has been the rich valuations and strong prior performance. We view the correction in the market through short-term growth concerns from demonetisation as a terrific entry point for the long-term investor. Investors should not be overly concerned […]

Johnson Fleming is a finalist at UK Pensions Awards 2016

The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment