Wafa Assurance has agreed to acquire a majority stake in Egypt’s Delta Insurance, marking a bold move to expand in the Egyptian market.
The Moroccan insurer, a subsidiary of Attijariwafa Bank, offered 40 Egyptian pounds per share, valuing Delta Insurance at 925 million dirhams ($100 million).
Egypt Kuwait Holding Company, currently holding 63.39% of Delta, has agreed to tender its entire stake to Wafa Assurance under the deal’s terms.
This acquisition is subject to approval by Egypt’s Financial Regulatory Authority, a key step before the transaction can be finalized.
Wafa Assurance, already present in Egypt’s life insurance sector through Wafa Life Insurance Egypt, aims to deepen its foothold with this purchase.
The company described the Egyptian market as fast-growing and full of strong potential, making this acquisition a strategic expansion.
By acquiring Delta Insurance, Wafa Assurance seeks to broaden its portfolio and capitalize on Egypt’s rising demand for insurance services.
The deal signals Morocco’s leading financial group’s ambitions to strengthen its presence beyond domestic borders into neighboring markets.
Pending regulatory approval, the transaction could reshape the competitive landscape of Egypt’s insurance industry in the near future.
