Allianz Egypt posts premiums up to $247.9 mln in 2019

Allianz Egypt, part of German insurer giant Allianz, posted premiums worth 4 billion Egyptian pounds ($247.9 million) in 2019, up from 2.7 billion pounds in 2018. 

Mohamed Mahran, vice chairperson of Allianz Companies in Egypt and managing director in Allianz Insurance, stated during a press conference that Allianz Insurance (property activities) achieved 884 million pounds during the current year, up from 734 million pounds last year, marking a growth of 20 percent.

Meanwhile, the company’s investments increased by 25 percent, reaching 1.2 billion pounds during the current year compared to 959 million pounds last year, he added.

“The total rights of policyholders increased 36 percent to 638 million pounds from 468 million pounds during the previous year,” said Mahran.

Managing Director of Allianz Life Assurance – Egypt Charles Tawadros, showed out that the company earned 3.12 billion pounds in written premiums this year, up from 1.97bn last year, a growth of 58 percent.

He pointed out that the company’s total investments reached 10 billion pounds this year against 8.5bn last year.

“The total value of policyholders’ rights increased to 9.16 billion pounds this year against 7.82 billion pounds last year, a growth rate of 17 percent,” Tawadros added.

Chairperson and Chief Executive Officer of in Allianz Egypt Ayman Hegazy, revealed that the global brand consultancy Interbrand International selected Allianz Group as the best insurance company in the world in its latest report, noting that the brand value rose 12 percent due to the company’s outstanding performance over the past year.

He added that the increase in the brand value of the parent group reflects the accumulation of expertise of the company and its employees through a clear strategy based on expansion and provides all insurance services to customers, in an easy and fast way alongside the development of the electrical infrastructure. He mentioned that the strategy reflects the company’s performance in Egypt last year.

Hegazy also revealed that his company has an ambitious plan to continue expanding and supporting the community through innovative insurance methods that provide full insurance protection to reach every citizen.

He stressed that the company aims to increase its investments in Egypt as a promising market with multiple investment opportunities. He also explained that the Allianz policy is in line with the country’s tendency to maximise financial products and to move to other geographical areas outside of Cairo and Alexandria, specifically in the Delta and Upper Egypt.

Source: Daily News Egypt