Moroccan Wafa Assurance’s subsidiary receives licence to operate in Egypt

Wafa Life Insurance Egypt, owned by Morocco’s Wafa Assurance, has received a licence to operate in the long-term health and life branches in the Egyptian market.

The company obtained the licence from the Egyptian Financial Regulatory Authority (FRA) on August 25 to start activities for individuals and long-term health insurance.

Wafa Life Insurance has a paid-in capital of 150 million Egyptian pounds ($9.4).

As for the Moroccon-based company, Wafa Assurance already operates in five countries; Morocco, Tunisia, Côte d’Ivoire, Cameroon, and Senegal.

Wafa Assurance achieved premiums estimated at $1.1 billion during 2019.