Egypt Kuwait Holding (EKH) has announced the completion of the sale of its entire 63.39% stake in Delta Insurance to Morocco's Wafa Assurance, under the latter's mandatory tender offer.
In a statement to the Egyptian Exchange (EGX) on 2 November, EKH said the transaction was executed at EGP 40 per share, with the stake valued at EGP3.17bn (around $67m).
Wafa Assurance had launched in June 2025 a mandatory tender offer for a majority stake in Delta Insurance. The offer sought to acquire at least 51% of the Egyptian Exchange-listed insurer at EGP40 per share, valuing Delta at approximately EGP5bn.Wafa Assurance said previously that the acquisition will contribute to expanding its operations in a rapidly growing market. The penetration rate in Egypt is currently less than 1%.
Wafa Assurance already operates in the Egyptian life insurance market through its subsidiary, Wafa Life Insurance Egypt. This will be merged with Delta Life following the acquisition of Delta Insurance. Delta Life Assurance is a direct subsidiary of Delta Insurance.