Arab Orient Insurance Renews Policy Covering UNB With EGP 300 Mln

The Arab Orient Takaful Insurance Company (AOTIC) renewed the insurance policy covering the Union National Bank (UNB) for a year with insurance value of EGP 300 million, said Wael Abdel Mohsen, deputy CEO of the Company.

The insurance policy covers the bank’s properties and branches against all risks including fire, burglary, money transport and breach of trust.

AOTIC also extended insurance coverage to Al-Futtaim Group, main shareholder of the insurance company.

Initial indications showed that the Arab Orient Takaful Insurance Company had premiums of EGP 123 million in FY 2011/2012.