Wafa Life Insurance Egypt licensed to operate in Life and Health
On August 25th, 2020, the Financial Regulatory Authority of the Arab Republic of Egypt (FRA), responsible for supervising and regulating non-banking financial markets and instruments, including Capital Market, Futures Exchanges, Insurance Activities, Mortgage Finance, Financial Leasing, Factoring, and Securitization, granted Wafa Life Insurance Egypt, a fully-owned subsidiary of Wafa Assurance Morocco, the license to operate in the Life and Health long term insurance branches in the Egyptian market.
Through this new Egyptian subsidiary, Wafa Assurance, which is already present in Morocco, Tunisia, Senegal, Ivory Coast and Cameroon where it achieved USD 1.1 billion of revenues in 2019, is strengthening its footprint in Africa by entering a dynamic and promising market.
With a GDP of USD 300 billion in 2019 and a population of 105 million, Egypt is the 3rd largest economy in Africa, the 3rd most populated country of the continent and its 4th largest insurance market with a total premiums of USD 2.1 billion.
With a shareholder equity of EGP 150 million (approximately USD 9.4 million), Wafa Life Insurance Egypt aims at actively contributing to the already remarkable growth of the insurance sector in Egypt, through a value proposition focused on the protection and enhancement of policyholders savings and health insurance. Wafa Life Insurance Egypt will also be part of the financial inclusion program launched by the Egyptian authorities by promoting the “Taamine Iktissadi” offer, a range of insurance products intended for a large audience, easy to understand, simple to subscribe to, quick to claim and affordable in terms of price.
With the establishment of this new subsidiary, Wafa Assurance reaffirms its strategy to grow its presence on the African continent and continue to serve African business and individual customers by catering to their protection and investment needs.
This strategy relies on the synergies developed with Attijariwafa Bank Group, as well as its expertise and market leadership position in Morocco.
For further information, please contact:
Mr Ali Chraibi, Director of the Wafa Assurance International department: email@example.com
Ms. Salma Tahri, Administrative and Financial Director in charge of financial communication: firstname.lastname@example.org