Complex Made Simple

Citi and Zurich sign 15-year exclusive agreement to distribute life insurance in the Middle East

Citibank NA (Citi) and Global insurer Zurich Insurance Group (Zurich) announced the signing of an exclusive 15-year strategic agreement to offer Zurich’s comprehensive life insurance solutions, as defined in the agreement, to Citi’s consumer clients throughout the Middle East.

The agreement covers the United Arab Emirates and, subject to regulatory approval, Bahrain and Citi’s Non Resident Indian (NRI) business in the Middle East. It is expected to commence in 2015. The agreement is designed to deliver greater value and service to customers who are increasingly seeking quality insurance products in the region.

At the signing of the agreement Dinesh Sharma, Head of Consumer Banking for Middle East and North Africa for Citi said: “This agreement helps us provide more value to our clients across our network in the Middle East and delivers better access to high quality, tailored life insurance products and services that suit their needs. We are excited by the opportunities ahead that this partnership offers and we look forward to working further with Zurich across our network in the Middle East.”

“I am delighted to formalize our long-term relationship with Citi with an exclusive arrangement. This strategic agreement will enable us to further invest in the development of world-class propositions and services for Citi’s customers. It also underlines Zurich’s continued commitment to invest and grow in the region and further consolidates Zurich’s position as the leading life insurer in the Middle East,” said Jawed Barna, CEO of Zurich Global Life Middle East and Africa.

Photo Caption from left to right: Dinesh Sharma, Citi Consumer Banking Head for Middle East and North Africa and Jawed Barna, CEO of Zurich Global Life Middle East and Africa and at the signing of an exclusive 15-year agreement to offer Zurich’s life insurance through Citi’s distribution channels in the Middle East.