Ayman El-Alfy, General Manager of Delta Life Insurance, has informed Amwal Al Ghad that Delta is aiming to achieve EGP 115 million by the end of the fiscal year of 2013-2014, asserting that there is some residual routine procedures, which will be finalized within a few past days.
El-Alfy has asserted that his company is not planning to inaugurate new branches within the current FY due to the unrest political and insecurity situation.
El-Alfy added that it is scheduled for Delta Insurance to own around 7 branches for it in Alexandria, Port Said, Ismailia, Mansoura, Tanta along with Nasr City and Dokki branches.
He has emphasized that the Current turmoil situation in Egypt has a negative impact on all economic sectors including the insurance which is the most prominent sector, explaining that after the stability of this situation there will be a boom for insurance companies as result of increasing the insurance awareness for a large number of customers.
It is worth mentioning that the Egyptian Financial Supervisory Authority (EFSA) agreed last month to get license activity under No. 31 for Delta Life Insurance ,after the application of the law 118 of 2008 for the separation life activity for the property, issued capital of EGP 60 million , paid up 50%, and the contribution of 99% of Delta Company General Insurance and property.
It is noteworthy that Delta Insurance is the second company in the Egyptian market applied for 118 law of 2008 regarding the separation between life activity and properties.