Egypt’s Mohandes Insurance turns into oversubscription in 5yrs

Egyptian Mohandes Insurance said on Sunday it has succeeded in turning from deficit into technical oversubscription in five years.

The firm achieved technical oversubscription worth 16.1 million Egyptian pounds ($999,618) during the 2018/2019 financial year from 19.1 million pounds deficit at the end of June 2014, marking a 184 percent growth.

During the last five years, Mohandes’ premiums jumped around 202 percent to 509.9 million pounds versus 168.5 million pounds during the 2013/2014 financial year.

The company’s assets also increased 71 percent to 997.8 million pounds at the end of the last financial year against 582.9 million pounds during the 2013/2014 financial year.

The firm made financial year 2018/2019 insurance activity surplus worth around 100.05 million pounds, compared with 16.8 million pounds during the financial year 2013/2014, marking a 495 percent surge.