Al Mohandes Insurance Q1 Profit Hits EGP 3.77 Mln
Al Mohandes Insurance Company achieved profit of EGP 3.77 million in Q1 of FY 2012/2013, said Hossam Sakr, general manager of investment department at the company.
The bank achieved direct premiums of about EGP 52.65 million; EGP 38.15 million non-life insurance premiums and EGP 14.5 million life insurance premiums in Q1 of the current fiscal year.
The value of paid benefits reached EGP 48.9 million; EGP 37.4 million non-life benefits and EGP 11.5 million life benefits at the end of last September.
The total value of the company’s invested funds reached EGP 872.8 million at the end of last September.
It is worth noting that the Egyptian Financial Supervisory Authority (EFSA) allowed Al Mohandes Insurance Company to hold an extraordinary general assembly meeting to reconsider its statute concerning the cancellation of life insurance business and establishment of a new life insurance company.
