Egyptian Takaful Insurance investments likely to hit $98.5 mln by June 2020

Egyptian Takaful Insurance Company (Property) says it plans to increase its investment portfolio to 1.65 billion Egyptian pounds ($98.5 million) at the end of financial year 2019/2020.

The company also targets net investment income up to 226 million pounds at the end of June 2020, its vice chairman El-Sayed Bayoumi told Amwal Al Ghad on Saturday.

“Our investment portfolio varies between public debt instruments, including government treasury bills and bonds, besides saving certificates and banking deposits, in addition to the company’s real estate assets,” Bayoumi said.

At the end of the third quarter of financial year 2018/2019, the company’s investments stood at 1.4 billion pounds from 1.03 billion pounds during the same period in financial year 2017/2018, marking a 30.6 percent growth, he added.

“Net investment income reached 136 million pounds during the first nine months of financial year 2018/2019 against 96 million pounds during the same period in financial year 2017/2018, marking a 41.6 percent increase,” Bayoumi said.