Cairo – Mubasher: Tanmeyah, a subsidiary of EFG Holding partnered with Gulf Insurance Group (GIG-Egypt) to expand its product offerings and add new advanced insurance products.
The collaboration further boosts Tanmeyah’s commitment to financial empowerment and inclusion, according to a press release.
Tanmeyah obtained the required regulatory approvals from the Financial Regulatory Authority (FRA) for the new set of product offerings.
Under the partnership, the unit will introduce a wide range of affordable and accessible micro-insurance products that will cover personal accidents, businesses, health, livestock, roadside assistance, and more.
Jinu Johnson, CEO and Managing Director of Tanmeyah, said: “Our goal is to create a safety net for our valued customers, enabling them to manage risks effectively and protect what matters most. This partnership is a testament to our dedication to making a meaningful difference in the lives of those we serve.”
Alaa El-Zoheiry, Managing Director of GIG, commented: “This strategic alliance is poised to deliver multiple advantages, with increased financial inclusion at the forefront.”
“By leveraging Tanmeyah's extensive branch network, we will work to bridge the gap in micro insurance coverage for communities at large,” El-Zoheiry added.
Makeen Lotfy, Business Development Chief of GIG, noted: “This fruitful partnership aligns with FRA regulations and the vision to increase micro-insurance penetration across Egypt.”
In the first nine months (9M) of 2023, EFG Holding logged consolidated net profits valued at EGP 2.09 billion, an annual hike from EGP 1.28 billion, including minority interest.
