Iskan Insurance Plans Capital Hike to EGP150 mln in FY2014/15

Iskan Insurance Company is planning within the coming fiscal year 2014/2015 to further increase its issued capital to hit EGP 150 million, the company’s managing director said on Wednesday.

Hammam Badr – Chairman and Managing Director of Iskan Insurance Company, further told Amwal Al Ghad that his firm’s paid-up capital is valued at EGP 75 million, noting that the anticipated capital increase will be funded by Iskan’s profits.

Iskan Insurance Company’s authorized capital amounts to EGP 500 million, he added.

Badr also stated that Iskan Insurance’s actual presence in the Egyptian market has begun during the fiscal year of 2009/2010. He noted that Egypt has been suffering from an economic downturn during the last two years which had reversely affected the insurance sector in the country.

Notwithstanding the ongoing economic and political turmoil, Iskan Insurance has managed to bring its strategic scheme into effect posting a leap in its premiums by more than 100% in the fiscal year 2012/2013.