New Risk • Jul 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 27% Last year net profit margin: 56% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (37% accrual ratio). Minor Risks Dividend is not well covered by cash flows (145% cash payout ratio). Profit margins are more than 30% lower than last year (27% net profit margin). Market cap is less than US$100m (ج.م1.42b market cap, or US$28.2m). 공고 • Mar 12
Delta Insurance Company, Annual General Meeting, Apr 09, 2026 Delta Insurance Company, Annual General Meeting, Apr 09, 2026, at 15:00 Egypt Standard Time. Location: giza Egypt 공고 • Nov 03
Al-Wafaa Life Insurance Company completed the acquisition of Delta Insurance Company (CASE:DEIN) from Egypt Kuwait Holding Company (S.A.E.) (CASE:EKHO) and others. Al-Wafaa Life Insurance Company proposed to acquire Delta Insurance Company (CASE:DEIN) from Egypt Kuwait Holding Company (S.A.E.) (CASE:EKHO) and others for EGP 5 billion on December 8, 2024. Wafa will acquire 100% stake or 100 million shares in Delta Insurance Company at a price of EGP 50 per share through a mandatory purchase offer in accordance with the laws and regulations applicable. The purchase price is subject to adjustments. As part of the mandatory purchase offer, Wafa aims to hold a minimum of 51% in Delta Insurance Company. In a separate agreement, AXA Egypt S.A.E proposed to acquire Delta Insurance Company from Egypt Kuwait Holding Company for EGP 5 billion. The transaction will be funded through internal resources of Wafa Assurance. The offer is valid for 20 days, starting from September 29th's trading session until the end of October 27th's trading session.
The transaction is subject to consummation of due diligence investigation, approval by financial regulatory authority and other relevant regulatory authorities including FRA, Supervisory Authority of Insurance and Social Welfare of Morocco. On May 25, 2025, AXA Egypt S.A.E withdrew its plans to acquire Delta Insurance Company. As of June 11, 2025, Al-Wafaa Life Insurance Company proposed to acquire 125 million shares in Delta Insurance Company at a price of EGP 40 and intends to de-list the shares of Delta Insurance Company. As of September 28, 2025, the Financial Regulatory Authority (FRA) approved publishing the MTO prospectus. As of October 22, 2025, the deal was approved by the Board of Directors of Egypt Kuwait Holding Company.
Al-Wafaa Life Insurance Company completed the acquisition of Delta Insurance Company (CASE:DEIN) from Egypt Kuwait Holding Company (S.A.E.) (CASE:EKHO) and others on November 2, 2025. Board Change • May 14
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 1 independent director (9 non-independent directors). Independent Director Mahmoud Al-Hareedy was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 공고 • Mar 27
Delta Insurance Company, Annual General Meeting, Apr 23, 2025 Delta Insurance Company, Annual General Meeting, Apr 23, 2025, at 15:00 Egypt Standard Time. Location: giza Egypt Upcoming Dividend • Oct 21
Upcoming dividend of ج.م2.00 per share Eligible shareholders must have bought the stock before 28 October 2024. Payment date: 23 January 2025. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of Egyptian dividend payers (7.0%). Higher than average of industry peers (3.9%). New Risk • Oct 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 7.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (ج.م1.42b market cap, or US$29.3m). 공고 • Sep 05
Delta Insurance Company, Annual General Meeting, Sep 30, 2024 Delta Insurance Company, Annual General Meeting, Sep 30, 2024, at 15:00 Egypt Standard Time. Location: gizah Egypt Reported Earnings • Aug 20
Full year 2024 earnings released: EPS: ج.م2.40 (vs ج.م3.13 in FY 2023) Full year 2024 results: EPS: ج.م2.40. Revenue: ج.م566.5m (down 58% from FY 2023). Net income: ج.م624.3m (up 100% from FY 2023). Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ج.م16.26, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 8x in the Insurance industry in Africa. Total returns to shareholders of 151% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Hesham Fathy Ahmed Ragab was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Oct 18
Upcoming dividend of ج.م1.04 per share Eligible shareholders must have bought the stock before 25 October 2022. Payment date: 29 January 2023. Payout ratio is a comfortable 6.5% and this is well supported by cash flows. Trailing yield: 18%. Within top quartile of Egyptian dividend payers (11%). Higher than average of industry peers (5.7%). Buying Opportunity • May 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ج.م17.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 25%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Hesham Fathy Ahmed Ragab was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 18
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: ج.م1.68 (up from ج.م1.50 in 2Q 2021). Revenue: -ج.م132.2m (down 154% from 2Q 2021). Net income: ج.م74.4m (up 58% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 20% share price gain to ج.م37.65, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Insurance industry in Africa. Total returns to shareholders of 137% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 17% share price gain to ج.م31.38, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 6x in the Insurance industry in Africa. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Oct 27
Market bids up stock over the past week After last week's 16% share price gain to ج.م25.03, the stock is trading at a trailing P/E ratio of 4.9x, up from the previous P/E ratio of 4.2x. This compares to an average P/E of 8x in the Insurance industry in Africa. Total returns to shareholders over the past three years are 131%. Is New 90 Day High Low • Oct 26
New 90-day high: ج.م23.31 The company is up 11% from its price of ج.م21.00 on 28 July 2020. The Egyptian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 3.0% over the same period.