Allianz Group’s French subsidiary, AGF International, announced the new names of the Group’ insurance companies in Egypt – Allianz Insurance Company of Egypt and Allianz Life Insurance Company of Egypt.
“The Allianz Group has been involved in the Egyptian market for more than 25 years through its minority stake in Arab International Insurance,” said a company bulletin on the Allianz Web site – www.allianz.com. “In 2000, Allianz acquired a majority ownership of the company and in November 2001, in association with AGF International, launched its sister company, Arab International Life. The two companies, whilst separate legal entities, have a common management team and integrated vision.
“From April 5, 2004 the two companies have relaunched under the common Allianz Egypt brand allowing them to leverage from joint marketing and advertising activities as well as the strength of the global Allianz brand.”
The announcement noted that “Allianz Life Insurance of Egypt is looking to double in size in 2004 after a growth in excess of 400 percent in 2003 where it moved to become number four in the market in new sales. Allianz Life of Egypt is pursuing a segmented multi-distribution strategy, serving customers through both a dedicated team of professional Financial Consultants whilst developing a wider distribution footprint though an extensive bancassurance network working with six of Egypt’s leading banks.”
On the P/C side of the business Allianz is expecting a 25 percent increase in 2004, “significantly outpacing its peers.” The bulletin added that “a number of initiatives are in place to support the growth which include a focused marketing campaign aimed at the retail and small business sectors, improved customer service and enhanced product launches as well as the development of alternative distribution channels such as bancassurance.”
Allianz held a celebration to mark the launch the Allianz Egypt brand on April 5, which brought together clients, business partners, brokers, staff and Group representatives. Francois Thomazeau of AGF International and Klaus Duhrkopf of Allianz Group were present to unveil the new brand in a high tech display. The evening ended with entertainment from two of Egypt’s leading singers.
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