French insurer Axa has agreed to acquire 100% stake in Egyptian life insurance firm Commercial International Life Insurance (CIL), for around EGP763m (€88m).

Currently, CIL is the joint venture between UK-based Legal & General with 55% interest and Egypt’s private sector bank Commercial International Bank (CIB) with 45% stake.

CIL is claimed to be the third largest life and savings insurance firm in Egypt, which offers unit-linked and protection products.

The deal will allow Axa to enter into a 10-year exclusive life and savings exclusive bancassurance with CIB, allowing the firm to focus specifically on unit-linked and protection and health insurance. CIB will also receive an access fee and commissions under the bancassurance agreement.

Subject to customary closing conditions, the deal is expected to complete by the end of this year.

With operations in around 59 countries, Axa provides insurance and asset management services.

In Egypt, Axa secured its preliminary non-life insurance license in March this year and plans to provide life, health and property and casualty insurance covers to individuals, SMEs and corporate clients.