Kuwait’s Gulf Insurance Group mulls increasing stake in Egypt affiliates

Gulf Insurance Group, Kuwait’s largest composite insurer, plans to raise its stake in Egyptian affiliates in the coming phase, an official in one of the Egyptian units said Tuesday.

The Kuwaiti insurer has stakes of 94.8 percent in Arab Misr Insurance Group – GIG, 60.62 percent in Egyptian Life Takaful Company, and 25 percent in Egyptian Takful Company – Property.

Such a step demonstrates the Kuwaiti group’s confidence in the potential of the Egyptian insurance market despite ongoing political and economic challenges, GIG’s managing director Alaa El Zoheiry told Amwal Al Ghad.

The Egyptian market is expecting more life insurance activities and a strong presence of foreign brokerage firms in the coming phase, El Zoheiry said.

The Egyptian official further revealed that Gulf Insurance Group had earlier in July made expansions in Turkey and acquired a stake in one of the insurance firms in Bahrain.