Sarwa Capital Holding for financial investments, announced on Monday the receipt of the requisite licences from the Financial Regulatory Authority (FRA) in order to commence offering life and general insurance products.
Accordingly, two new companies will be commenced, Sarwa Insurance Company, which will provide property and liability insurance, and Sarwa Life Insurance Company, which will focus on life and health insurance and long-term savings products.
It is worth mentioning that both entities were incorporated in 2018 with an initial capital of EGP 100m each.
Hazem Moussa, the chairperson and CEO of Sarwa, expressed his delight to announce that the company has received today the final nod from the FRA to commence its insurance services in the Egyptian market.
Over and above, Sarwa is expanding its presence in the insurance sector with innovative delivery channels and products tailored to better serve the needs of the market, particularly for consumers.
Sarwa Capital focuses on personal financing services, as almost 85% of the company’s operations are instalments provided for automobiles and durable goods. In 2018, Sarwa Capital’s public offering was oversubscribed around 30.1 times, recording a strong demand of EGP 6.5bn, equivalent to 887,409,725 shares, compared with 29,517,073 shares offered.