Fortune 500 company Prudential Financial to invest in Egypt’s Sarwa Insurance
INVESTMENT WATCH- Prudential Financial to invest in Sarwa Insurance: Fortune 500 insurance firm Prudential Financial’s impact investing arm has inked an agreement to invest alongside our friends at Sarwa Capital in subsidiary Sarwa Life Insurance Company, according to an emailed statement (pdf). The statement did not disclose the value of the investment. Prudential’s impact investment arm is building a portfolio of USD 1 bn-worth of investments in socially impactful ventures with financial returns. Its investment in Sarwa Life “will help … accelerate the roll out of quality and innovative products to the market,” said Sarwa Capital CEO Hazem Moussa.
Background: Consumer- and structured-finance player Sarwa Capital acquired licenses from the Financial Regulatory Authority (FRA) earlier this year to begin offering life and non-life insurance policies. It provides life and health insurance and long-term savings through Sarwa Life Insurance, and property and liability insurance through a separate entity, Sarwa Insurance Company.