Egypt - Prudential Financial to invest in Sarwa Life Ins.
Friday, 09 27 2019, Category: Insurance and Reinsurance, Country: Egypt
US headquartered Prudential Financial, Inc., through its Impact & Responsible Investing arm, has signed an agreement with Sarwa Capital Holding for Financial Investments to invest in its subsidiary Sarwa Life Insurance, the company announced on Wednesday.
Chairperson and CEO of Sarwa Capital, Hazem Moussa, 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 licence from the Financial Regulatory Authority (FRA) allowing it to 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 increasing access to critical financial solutions to new and underserved segments.
According to the statement, Prudential’s Impact & Responsible Investing unit has been a pioneer in impact investing and is building a $1bn portfolio in investments that delivers both financial returns and meaningful social impact.
Source: Daily News Egypt