Egypt: Kaf Life is country's first insurer to convert from takaful to conventional
Source: Middle East Insurance Review | Apr 2023
Kaf Life Insurance has become the first Egyptian insurance company to transform from takaful to conventional insurance operations, the insurer said in a statement.
The Financial Regulatory Authority (FRA) granted the new licence to Kaf Insurance, which was previously Tokio Marine Family Takaful. It was rebranded as Kaf Life in 2020, following the acquisition of a 75% stake in it by EFG Hermes Holding and GB Capital. It is now a joint venture between these new shareholders and global insurer Tokio Marine.
Since the 2020 acquisition, Kaf has witnessed explosive growth due to its focus on making insurance easy and doing it right. Today, Kaf covers over 2m lives.
While Kaf has focused on targeting employers, small business owners and the micro-segment, it is widening its portfolio and reaching new segments with new product offerings as it plans to launch an array of insurance solutions targeting retail customers.
In February 2023, the FRA approved the appointment of Dr George Ghobrial as Kaf’s new CEO and MD. Commenting on the future of Kaf post-conversion, Dr Ghobrial said, “This unprecedented conversion to a conventional life insurer is a powerful vote of confidence by the FRA that will allow us to increase the spectrum of our product and service offerings to the public.” M