Al Ahli Bank of Kuwait Egypt, known as ABK Egypt, has renewed its bancassurance partnership with MetLife Egypt for another seven years. This move extends a collaboration that started in 2015 and aims to boost insurance access for bank customers across Egypt, with the deal signed on August 24, 2025, in Cairo.
The renewal highlights the growing role of bancassurance in Egypt’s financial sector, aligning with national goals for financial inclusion. It comes at a time when Egypt’s banking industry is expanding, with more focus on integrated services to meet customer needs amid economic changes.
Background of the Long-Standing Collaboration
The partnership between ABK Egypt and MetLife began over a decade ago, focusing on offering insurance products through bank channels. This model allows customers to access life insurance and other protections without leaving their banking routine.
Over the years, the alliance has grown, helping thousands of clients secure coverage. It has played a part in Egypt’s push toward broader financial services, especially as the country works on its Vision 2030 plan for sustainable development.
Experts note that bancassurance has become a key trend in Egypt, with partnerships like this one driving insurance penetration rates up from low levels in past years.
Key Details of the Renewal Agreement
The new agreement extends the partnership until 2032, building on strong performance in policy sales and customer satisfaction. Executives from both sides attended the signing event, marking a commitment to ongoing innovation in financial products.
Under the deal, MetLife will provide a variety of insurance options through ABK Egypt’s 46 branches nationwide. This includes tailored solutions that fit different customer profiles, from families to businesses.
The renewal reflects positive growth metrics, with reports showing increased policy issuance and claim payouts since the start.
Here are some of the main products offered through this partnership:
- Life insurance plans for family protection
- Savings linked protection options for long term financial security
- Personal accident coverage for unexpected events
- Health insurance focused on surgical care
Statements from Top Executives
Khaled El Salawy, CEO and Managing Director of ABK Egypt, called the renewal a testament to the partnership’s success. He stressed its role in delivering integrated financial solutions that support customer growth.
Haitham Taher, Vice Chairman and Managing Director of MetLife Egypt, highlighted the focus on financial inclusion. He mentioned that MetLife now has seven active bancassurance partnerships in Egypt, all aimed at making insurance more accessible.
Iman El Essawy, Head of Retail Banking at ABK Egypt, praised MetLife’s reliable claim handling over the years. She noted that this trust has strengthened customer loyalty.
Walid Abdel Mohsen, Bancassurance Director at MetLife, added that the extension will help expand their reach and build more confidence in these services.
These comments show a shared vision for using bancassurance to foster economic stability in Egypt.
Impact on Customers and the Market
Customers of ABK Egypt stand to benefit from easier access to insurance, which can protect against risks in an uncertain economy. With Egypt’s inflation and currency fluctuations in recent months, such products offer practical security.
The partnership supports broader market trends, where bancassurance is expected to grow by double digits in the coming years, according to industry forecasts. This aligns with Egypt’s efforts to increase insurance awareness and coverage rates.
For instance, similar partnerships in the region have led to higher customer retention and satisfaction scores.
| Aspect | Details |
|---|---|
| Partnership Start | 2015 |
| Renewal Duration | 7 years (until 2032) |
| Number of ABK Branches | 46 nationwide |
| Key Focus Areas | Financial inclusion, insurance accessibility |
| Products Offered | Life, savings, accident, health |
This table summarizes the core elements, showing how the renewal builds on a solid foundation.
Broader Implications for Egypt’s Financial Sector
The deal comes amid Egypt’s banking sector reforms, including new regulations from the Central Bank of Egypt to promote digital and inclusive finance. It ties into recent events like university partnerships for banking education, announced in August 2025, which aim to build skilled talent.
Looking ahead, this renewal could inspire more collaborations, helping Egypt meet its Vision 2030 targets for a resilient economy. Analysts predict that such partnerships will play a bigger role in addressing challenges like low insurance penetration.
In a related development, other banks in Egypt have also expanded their insurance ties this year, signaling a competitive and dynamic market.
What do you think about this partnership renewal? Share your thoughts in the comments below and spread the word to help others stay informed on Egypt’s financial news.
