Egyptian Takaful Insurance Aims EGP28 mln Surplus Profits By June 2016

Ahmed Arfeen – Managing Director at the Egyptian Takaful Insurance (Properties) revealed that his company put triennial plan which aims to surge the surplus profits to become EGP28 million by the end of the fiscal year of 2015/2016.

Arfeen explained in an exclusive to Amwal Al Ghad that Takaful is targeting to attain EGP13 million surplus profits by the end of next June 2014, aiming to register EGP23 million surpluses by the coming fiscal year of 2014/2015.

He added that Takaful distributed the surpluses on the policyholders for the first time in FY11/12 with EGP7 million, noting that the size of surplus amounted to EGP11 million during the past fy12/13.

He pointed out that his company succeeded to attain EGP57.8 million premiums within the first quarter of FY13/14, while the total value of the paid compensations up EGP15.6 million.

He further emphasized that the total assets of the company reached EGP378 million at the end of the last September, and the total shareholder rights amounted to EGP164 million while total shareholders’ equity of about EGP114.6 million, pointing to the company’s success in achieving EGP5.5 million net profits, while the surplus activity up EGP 8 million at the end of last September.