• Wafa Assurance offers to acquire 51% stake in Cairo-listed Delta Insurance
• Deal values Delta at EGP5 billion ($317 million), priced at EGP40 ($2.52) per share
• Egypt Kuwait Holding to sell its 63.39% stake; approval pending from regulators

Moroccan insurer Wafa Assurance has launched a public acquisition offer (PAO) for a majority stake in Egypt-based Delta Insurance, according to a statement issued on Monday, June 16. The move targets Egypt’s significant growth potential, with insurance penetration estimated at just 1% in the country of over 120 million people, where Wafa already operates via a life insurance subsidiary.

The PAO, filed on June 10 with Egypt’s Financial Regulatory Authority (FRA), seeks to acquire at least 51% of Delta Insurance shares listed on the Cairo Stock Exchange. The offer is set at EGP40 ($2.52) per share, valuing the company at EGP5 billion ($317 million).

Egypt Kuwait Holding Company (EKH), Delta’s largest shareholder with a 63.39% stake, has committed to selling its entire holding. The proposed acquisition remains contingent on approvals from regulatory authorities in both Egypt and Morocco.

Since 2018, Delta Insurance—majority-owned by EKH, an investment firm backed by Egyptian and Kuwaiti investors—has provided insurance and reinsurance products in both life and non-life segments.

Wafa Assurance, which entered Egypt’s life insurance market in 2021 through its subsidiary Wafa Life Insurance Egypt, aims to expand its presence in the country through this deal. The Moroccan group outbid French insurer AXA in its effort to secure the acquisition.

With a population exceeding 120 million and representing 4% of all insurance premiums issued in Africa by 2023, Egypt offers a major growth opportunity for foreign insurance providers.