CIL is jointly owned by Legal & General with 55%, and CIB with 45% respectively.
CIL was formed in 1998 and was the first life insurance company in Egypt to adopt the bancassurance model. In 2014 it was ranked No.3 in the Egyptian life insurance market for new written retail problems. It has 90,000 individual insurance policies, and provides retirement benefits group life and credit life insurance for circa 350,000 customers.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2015.
Simon Burke, Managing Director Emerging Markets for Legal & General said:
"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 focussed, long-term businesses has been achieved in Egypt, and now is the right time to hand the business over."
