Compensation paid by Egyptian Takaful Insurance 118% up in 3 months

Compensation paid to clients by Egyptian Takaful Insurance (Property) jumped 118 percent during the first three months of the financial year 2019/2020, said its vice-chairman on Wednesday.

Compensation recorded 72 million Egyptian pounds ($4.5 million), up from 33 million pounds during the first three months of the financial year 2018/2019, El-Sayed Bayoumi added.

“We posted premiums worth 155 million pounds during the first quarter of the financial year 2019/2020 versus 64 million pounds during the same period of the last financial year, marking a 142 percent growth,” Bayoumi said.

Three-month profits increased 30 percent to 34 million pounds against 26 million pounds during the first three months of the financial year 2018/2019, he added.

“Insurance policy holders’ equities climbed 12 percent to 896 million pounds at the end of September, compared to 803 million pounds at the end of last June,” Bayoumi said.

Shareholders’ equities also surged 56 percent to 399 million pounds from 255 million pounds at the end of June, Bayoumi added.

“Our assets totalled 1.755 billion pounds at the end of September 2019 against 1.655 billion pounds at the end of June, marking a 6 percent increase,” he concluded.