Wafa Assurance, a subsidiary of Morocco’s top lender Attijariwafa Bank, has agreed to acquire a majority stake in Egypt’s Delta Insurance from its current owner, Egypt Kuwait Holding Company. The deal, valued at 925 million dirhams ($100 million), involves Wafa Assurance offering 40 Egyptian pounds per share. Egypt Kuwait Holding Company, which currently holds 63.39% of Delta Insurance, has agreed to tender its entire stake under the terms of the offer. The acquisition is pending approval from Egypt’s Financial Regulatory Authority.
Wafa Assurance already operates in Egypt’s life insurance market through its subsidiary Wafa Life Insurance Egypt. The company views this acquisition as a strategic expansion into a fast-growing market with significant potential. The deal marks Wafa Assurance’s continued efforts to enhance its presence in the Egyptian insurance sector.
Key Details of the Acquisition
- Wafa Assurance to acquire majority stake in Delta Insurance
- Deal valued at $100 million
- Pending regulatory approval in Egypt
- Expands Wafa Assurance’s presence in Egyptian insurance market
The acquisition is part of Wafa Assurance’s broader strategy to grow its operations in Egypt. By combining its existing life insurance business with Delta Insurance’s offerings, Wafa Assurance aims to strengthen its position in both the life and non-life insurance segments of the Egyptian market.
Reporting by Ahmed Eljechtimi; editing by Jan Harvey. Copyright 2025 Reuters.
