Egypt: Prudential Financial invests in Sarwa Life
Source: Middle East Insurance Review | Nov 2019
Leading US life insurer Prudential Financial, through its impact & responsible investing unit, has signed an agreement with Sarwa Capital Holding for Financial Investments to invest in its subsidiary Sarwa Life Insurance.
Prudential’s impact & responsible investing unit has been a pioneer in impact investing and is building a $1bn portfolio of investments that delivers both financial returns and meaningful social impact.
Mr Hazem Moussa, chairman and CEO of Sarwa Capital said, “We are thrilled to welcome Prudential as an investor in our life insurance business as we begin operations. The life and health insurance markets in Egypt are poised for tremendous growth and are an attractive proposition for long-term investors like Prudential. Prudential’s investment will help Sarwa Life accelerate the roll out of quality and innovative products to the market.”
Earlier this year, Sarwa Life obtained its operating license from the Financial Regulatory Authority and will provide life and health insurance and long-term savings products. Sarwa Life is primarily focused on the retail market, with a significant investment in technology aimed at enhancing client experience and increasing access to critical financial solutions to new and underserved segments. M