Allianz Egypt profits near half a billion Egyptian pounds in FY2019/20

Allianz Egypt, part of German insurance giant Allianz, made profits of 490 million Egyptian pounds ($31.4 million) in the financial year 2019/2020, its chairman Ayman Hegazy announced on Wednesday.

Despite challenges imposed by the coronavirus pandemic, Alliance Egypt’s life assurance unit reported a 75 percent growth in profits to 351 million pounds, while its property unit made a 52 percent growth in profits to 139 million pounds at the end of June 2020.

The insurer’s investments in Egypt increased to 13.5 billion pounds, Hegazy added.

Moreover, Allianz Egypt paid claims worth 2 billion pounds, despite the challenges posed by the pandemic.

“Our expansion plan is to encompass covering further governorates in Delta and Upper Egypt in the near future,” Hegazy said.

Allianz SE remained at the top of rankings of international rating agencies such as Standard & Poor’s (S&P), Moody’s, and A.M. Best. It kept its leading position as the world’s first insurance brand in Interbrand’s Best Global Brands Ranking.

Allianz Egypt’s gross written premium (GWP) surged by 29 percent to 1.1 million pounds in 2020 from 884 million pounds a year earlier, its vice chairman and managing director Mohamed Mahran said in a company statement.