Allianz, the German insurer, on Tuesday rejected claims that it is considering leaving the Egyptian market, saying it actually plans to expand its operations in the troubled North African country.
This comes amid a harsh climate for foreign investment in the country and a turbulent political and economic situation.
“We are not exiting the Egyptian market, as rumoured,” Allianz CEO Udo Kruger, said emphatically. “We will rather increase our work to cater for clients’ requirements.”
Allianz operates in more than 70 countries. In Egypt, it runs two companies which include Allianz Egypt and Allianz Life Assurance Egypt.
Kruger said his company is working on the construction of a new office in the Fifth Settlement at a cost of US$40 million, adding that the company would relocate to that building by the end of 2013.
“We are optimistic for the future of our operations in Egypt,” he said, adding that he is sure political and economic stability would strengthen the market and investments.
The company runs assets worth nearly LE3.3 billion in Egypt and it is in the process of establishing a managing company and a holding company comprising its Egypt-based firms.
“We have 45,000 customers and 13 sales offices in Egypt. We are not satisfied with that and are working to increase those numbers in the coming period,” Kruger said.
The company’s Egypt branch achieved growth of 10–12 percent last year.