• Wafa Assurance acquires 63.4% of Egypt’s Delta Insurance for $67M

• Deal boosts Wafa’s North Africa presence; plans full integration

• Egypt Kuwait Holding exits to focus on energy, industrial sectors

Moroccan financial group Wafa Assurance has completed the acquisition of a 63.4% stake in Delta Insurance, one of the leading insurers listed on the Cairo Stock Exchange (EGX), from Egypt Kuwait Holding.

The transaction, worth around $67 million, was carried out through a public tender offer launched in June 2025 at a price of 40 Egyptian pounds per share.

Wafa Assurance, a subsidiary of Attijariwafa Bank Group, is strengthening its regional presence and cementing its status as one of Africa’s leading insurers. The company already operates in Tunisia, Côte d’Ivoire, Senegal, and Cameroon.

Integration and Strategy

Following the acquisition, Wafa plans to delist Delta Insurance from the Egyptian exchange and merge its life insurance operations with those of Wafa Life Insurance Egypt, its local subsidiary launched in 2021. The goal is to create an integrated entity covering life, non-life (P&C), and health insurance lines in a market with strong growth potential, where insurance penetration remains below 1% of GDP.

“This acquisition marks a key step in our development strategy in North Africa and reflects Wafa’s confidence in the potential of the Egyptian market,” a company source said.

For Egypt Kuwait Holding, the sale is part of a strategy to refocus on energy and industrial activities, as the conglomerate seeks to streamline its portfolio and boost profitability in its core businesses.

The deal reflects Moroccan groups’ growing drive to expand abroad, particularly in Egypt, which has become one of Africa’s most dynamic financial hubs. Wafa Assurance’s immediate challenge will be integrating Delta Insurance while modernizing its product range and digital channels in a country of more than 120 million people.