AXA EssentiALL accelerates its strategy in Egypt

AXA Egypt and Post for Investment (PFI), the investment arm of Egypt Post, have decided to come together and innovate by establishing the first micro-insurance company in Egypt. This strategic collaboration is made possible by leveraging the new insurance law and aims to revolutionize the insurance landscape in the country.

This initiative is fully aligned with AXA´s conviction that postal networks play a crucial role in global financial inclusion. Over a quarter of the world’s adult population accesses formal financial services through their post office. AXA notably signed a partnership with the Universal Postal Union (UPU) in May 2024. This collaboration with UPU includes a research program to showcase successful postal insurance models and the establishment of the Postal Insurance Technical Assistance Facility (PITAF) to promote financial inclusion and risk mitigation among underserved populations. Through this partnership, AXA is pushing the boundaries of insurance to better protect all, solidifying its dedication to inclusive insurance practices worldwide.

The Egypt Post, who will be the main distribution channel of this JV, is a well-respected organisation with a strong nationwide presence, renowned for its last mile distribution capabilities and robust brand credibility. With over 4000 branches, kiosks, and mobile trucks across all governorates, Egypt Post is an integral part of the country's infrastructure, catering to the population with unparalleled reach.

The product categories will include both retail and group offerings, with embedded and voluntary options to cater to diverse needs. The range of products will cover various areas such as hospital cash, personal accident, term life, payment protection, credit life, livestock, and group protection, ensuring comprehensive coverage for the customers.

The ambitious goal is to reach 12 million customers within the first decade of operation, underlining the commitment to making a significant impact on the lives of Egyptians through tailored insurance solutions.

This collaboration between AXA EssentiALL, AXA Egypt and PFI/Egypt Post marks a significant milestone in the local insurance industry, paving the way for inclusive and impactful micro-insurance offerings that have the potential to transform the socio-economic landscape of Egypt. As the first of its kind, this micro-insurance company is poised to set new benchmarks and become a beacon of hope for millions of Egyptians seeking reliable and accessible insurance protection.