Egyptian Takaful Insurance posts 19% surge in nine-month profits

Egyptian Takaful Insurance Company (Property) posted a 19 percent year-on-year surge in its profits to record 99 million Egyptian pounds ($5.9 million) during the first nine months of financial year 2018/2019.

Earlier, profits stood at 83 million pounds during the first nine months of financial year 2017/2018.

The company generated surplus from insurance activities of 157 million pounds from 112 million pounds, marking a 40 percent increase, its managing director Ahmed Arfeen said on Monday.

At the end of March 2019, the company’s assets rose 32 percent to 1.593 billion pounds against 1.207 billion during the same month in 2018, Arfeen added.

“We had succeeded in achieving premiums worth 654 million pounds during the first nine months of financial year 2018/2019 versus 507 million pounds during the same period in 2018, marking a 29 percent growth,” he said.

Moreover, Takaful Insurance also paid nine-month compensation worth around 146 million pounds to its clients, compared with 127 million pounds, marking a 11 percent surge, Arfeen said.

“Takaful Insurance’s shareholders’ equity recorded around 255 million pounds at the end of March 2019 from 205 million pounds during the same month in 2018, marking a 24 percent growth,” he said