Wafa Assurance and the French Axa Assurance have made non-binding purchase offers to acquire the majority of the capital of the Egyptian company Delta Insurance, according to an announcement published on Monday, December 9 by the Cairo Stock Exchange. Wafa Assurance aims to acquire at least 51% of the capital of Delta Insurance, while the French insurer, via its subsidiary Axa Investment Egypt, plans to take at least 75% of the shares of this company listed on the Egyptian Exchange via its local subsidiary, Wafa Life Insurance Egypt, according to the same source.
In accordance with Egyptian regulations, the two buyers will soon have to submit firm purchase offers. To this end, they have already requested regulatory authorities to carry out due diligence, a crucial step in the acquisition process, which involves analyzing the financial, legal, operational and strategic aspects of the company before its takeover.
Delta Insurance is 63.39% owned by Egyptian Kuwaiti Holding (EKH), an investment company controlled by prominent Egyptian and Kuwaiti businessmen. The company sells insurance and reinsurance products in the life and non-life segments.
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Wafa Assurance already on the Egyptian market
Wafa Assurance, headed by Boubker Jaï, started its activities in Egypt in 2021 with the opening of a subsidiary specializing in life insurance. Its parent company, Attijariwabank, has been present in the country for nine years. In 2017, Attijariwafa Bank Group acquired 100% of Barclays Bank Egypt, now known as Attijariwafa Bank Egypt SAE. With a network of 64 branches and 112 ATMs spread across the country's main cities, Attijariwafa Bank Egypt employs more than 1,445 people and serves a diverse clientele, made up of businesses and a solid base of more than 169,120 retail banking customers.
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As for the Axa group, it has been present in Egypt since 2015, following the acquisition of 100% of Commercial International Life Insurance Company (CIL), a leading company in the life, savings and retirement sectors.
With more than 120 million inhabitants and representing 4% of total insurance premiums issued in Africa in 2023, Egypt constitutes a key market for major foreign players in the sector.
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