CS Axa

By Razak Musah Baba

LONDON--Legal & General Group PLC (LGEN.LN) and Commercial International Bank SAE have sold Commercial International Life Insurance Company SAE to AXA S.A., for $97.5 million.

Commercial International Life Insurance is jointly owned by Legal & General with 55%, and CIB with 45% respectively.

Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2015, Legal & General said Monday.

CIL was formed in 1998 and was the first life insurance company in Egypt to adopt the bancassurance model.

-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet

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