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Tuesday, 27 September 2022

EFG Hermes + GB Capital rebrand Tokio Marine Egypt Family Takaful as Kaf

Tokio Marine Egypt Family Takaful becomes Kaf: EFG Hermes and GB Capital have rebranded life ins. company Tokio Marine Egypt Family Takaful as Kaf following their acquisition of a majority stake in 2020, according to a statement (pdf).

Refresher: EFG Hermes’ NBFS arm, EFG Finance, and GB Capital acquired a 75% stake in the Japanese company’s Egyptian subsidiary in August 2020 for EGP 84.75 mn. They each hold 37.5% of the company while Tokio Marine Egypt’s Japanese parent owns the remaining 25%. The acquisition brought new management, with Sohail Ali being appointed CEO.

About Kaf: Kaf offers life, savings and health ins. services. The company says it differentiates itself from its competitors by “emphasizing ins. as a social good and providing clients with transparent, easy-to-understand, tech-enabled ins. solutions.” The company has seen its customer base jump from 100k at acquisition to c. 2 mn today.

What they said: “Ins. is an important tool for economic development, and we are currently reaping the fruits of reforms in Egypt that foster financial inclusion … Plugging the ins. gap will provide protection for the low-income segment from falling into poverty in the event of misfortune,” Ali said.

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