Egyptian Takaful Non-life eyes $1.3mln-Premiums in FY2015-16

Egyptian Takaful Insurance Company (Non-life) aims to achieve premiums worth EGP 10 million (US$ 1.3million) in FY 2015-16, Managing Director Ahmed Arfeen revealed Monday.

The company expects to attain premiums volume of EGP 350 million at the end of June 2015, Arfeeen told Amwal Al Ghad.

Arfeen added that the initial indicators showed that the company has achieved 95% of its plan for current FY 2014-15.

On other side, Egyptian Takaful Company is negotiating with a number of banks to sign bankassurance agreement in 2016, Arfeen said, noting that banks had not signed any agreements with non-life insurance companies till now.

It is worth mentioning that 66% of the shareholding structure of Egyptian Takaful Company (Non-life) is divided equally among Arab International Bank, Banque Misr, National Bank of Egypt, Al Baraka Bank of Egypt, Faisal Islamic Bank of Egypt, Arab Banking Corporation and Misr Iran Development Bank as well as Social Fund for Development. The remaining value is divided as such: Gulf Insurance Company (8.75%), Kuwait Projects Company (8.25%), International Company for Leasing (Incolease) (8.5%) and Kuwaiti direct investment company (8.5%).