Legal & General exits Egypt unit after 17 years

Legal & General is calling time on its Egyptian life insurance joint venture after 17 years.

The FTSE 100 insurance and investment heavyweight is selling the Egyptian business, called the Commercial International Life Insurance (CIL) company for around $97.5m. The buyer: rival Axa.

Legal & General owns 55 per cent of CIL, with the remaining 45 per cent currently held by Commercial International Bank, the Egyptian private sector bank.

CIL has existed since 1998 and has 90,000 individual insurance policies and around 350,000 customers.