Suez Canal Life Insurance Plans Capital Hike to EGP40mn at end-2014

Egypt’s Suez Canal Life Insurance Company plans to boost its capital by 10 million Egyptian pounds by end of the current year, said managing director Ahmed Shoukry.

Speaking to Amwal Al Ghad on Sunday, Shoukry stated that the company’s capital will grow to 40 million Egyptian pounds by end of 2014, to strengthen its balance sheet and fund expansion.

The Egyptian official further noted that his company’s issued capital stands at 60 million Egyptian pounds and will be boosted in the coming two years through pumping 10 billion pounds as capital top-up each year.

By end of 2015, Suez Canal Life Insurance is targeting strengthening its presence in Egyptian market by increasing its network of branches to 20 from its existing 13, he added.

Aiming to allure new clients, Shoukry referred that the insurance company aims to apply the bancassurance system within coming phase, through reaching its first alliance with one of the banks operating in the local market.