He said the move reflects confidence in the sector’s capabilities and growth prospects in the coming period.
Mohamed Farid Saleh, Minister of Investment and Foreign Trade, said the government is moving ahead with a state offering program aimed at strengthening the role of the private sector and deepening financial markets, noting that the insurance sector is one of the key industries capable of supporting this direction through investment mobilization and enhanced financial stability.
Farid highlighted the importance of the planned offerings in the insurance sector, particularly Misr Life Insurance, which he described as one of the largest life insurance companies in Egypt and the region. He said the move reflects confidence in the sector’s capabilities and growth prospects in the coming period.
His remarks came during a speech delivered on behalf of Prime Minister Mostafa Madbouly at the opening of the 52nd Conference of the African Insurance Organization (AIO), held in Cairo. The event was attended by Dr. Ahmed Rostom, Minister of Planning and Economic Development; Dr. Islam Azzam, Chairman of the Financial Regulatory Authority; Alaa El-Zoheiry, Vice President of the AIO and Chairman of the Insurance Federation of Egypt; and Yared Molla, President of the AIO and CEO of Nyala Insurance in Ethiopia, alongside wide participation from African regulators, insurance and reinsurance companies, and insurance federations.
Farid stressed that the insurance sector is a key pillar for supporting economic growth and sustainable development. He noted that the industry is no longer limited to risk coverage, but has become a major partner in boosting savings and investment, strengthening economic and social stability, expanding insurance inclusion, and providing protection for different segments of society.
He added that Egypt’s hosting of this major event reflects the growing position of the Egyptian insurance market at both the regional and African levels. It also represents an important opportunity to exchange expertise and successful experiences among African countries, contributing to the development of the insurance industry across the continent.
The minister noted that the past four years have witnessed the implementation of an integrated reform and development program for Egypt’s insurance sector. This included strengthening governance, improving management efficiency, supporting companies’ financial solvency, recapitalizing several entities, and updating regulatory and supervisory frameworks to enhance the sector’s ability to grow and keep pace with global economic and technological changes.
Farid said the Financial Regulatory Authority has recently introduced a number of reform measures aimed at increasing the contribution of insurance companies and pension funds to capital markets, particularly through investment in listed equities. These measures, he said, have had a positive impact on market performance, activity levels, and liquidity, while also enhancing the attractiveness of the Egyptian capital market and encouraging more public offerings by both the state and the private sector.
He added that the development of Egypt’s insurance sector has not been limited to financial and regulatory aspects, but has also included digital transformation, database development, automation of operational processes, and investment in human capital to prepare a new generation of experts, specialists, and actuaries capable of leading the industry’s future.
Farid also pointed out that many African countries are currently undertaking important reform steps in their insurance sectors, creating greater opportunities for integration and cooperation among African markets and supporting the development of a stronger, more efficient insurance industry capable of advancing the continent’s development efforts.
He underlined the importance of providing insurance protection to all segments of society, stressing that enhancing insurance inclusion will remain one of the main priorities in the coming period, in a way that helps protect individuals and institutions and supports economic stability.
During his speech, Farid reviewed tangible indicators reflecting Egypt’s reform policies and private sector empowerment. He announced that the share of private investment had jumped to 59 percent of total investments, compared to a historical average that did not exceed 42 percent. He also noted that the market capitalization of the Egyptian Exchange had more than tripled, exceeding LE 3.8 trillion today, compared to just LE 1 trillion in 2018.
“The state is not presenting a reform program it merely aspires to implement or placing it within future plans; rather, it is describing a radical transformation that is already taking place on the ground in the way business is conducted,” Farid said, adding that this shift is clearly reflected in private sector investments.
On regional cooperation, the minister emphasized that shaping Africa’s future will not be achieved through abundant resources alone, but through strong institutions, the ability to manage risks collectively, and the creation of trust. He announced that Egypt is taking a practical step in this direction through a firm institutional commitment to establish a dedicated fund for investment in Africa. The fund will serve as a genuine partnership between The Sovereign Fund of Egypt and the private sector, channeling real capital into clear growth sectors such as pharmaceuticals, education, and financial services.
Farid stressed that the project is not merely a “declaration of intent,” but a practical model for empowering Africa’s development engine.
Concluding his remarks, Farid expressed his appreciation for the efforts of the Financial Regulatory Authority and all professionals working in the insurance sector. He reaffirmed the government’s full support for the sector’s development journey and wished participants a pleasant stay in Egypt and a productive conference that would help strengthen cooperation and integration among African insurance markets.
