Egyptian Takaful Insurance ‘Property’ Attains EGP25mn Profits in 6 Months

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Egyptian Takaful Insurance Property’s profits increased by 47.9% to become EGP25 million at the end of June 2014 in compared to EGP16.9 million at June-end of 2013, Managing Director Ahmed Arfeen revealed.

In statements to Amwal Al Ghad, Arfeen noted that the Surplus activity surged by 44.9% to become EGP40 million during the last fiscal year of 2013/2014 against EGP27.6 million, stressing that the Customers’ share from surplus amounted to EGP12 million.

The total value of policyholders’ rights reached EGP207.9 million at June end in compared to EGP150.9 million at June 2013, whereas the shareholders’ rights up to EGP124.6 million  in the same period in compared to EGP110.2 million, Arfeen explained.

The company’s total value of assets are EGP449 million at the end of June 2014 compared to EGP355 million at June 2014, while the company’s investments reached EGP369.9 million in FY13/14 against EGP283.8 million at the end of the last fiscal year, Arfeen said.

Takaful Insurance attained EGP318.5 million premiums in the last FY13/14 against EGP274.4 million in the last fiscal year, registering 16% growth rate.

Moreover, the company has achieved EGP98.9 million paid up compensations for customers at June-end in compared to EGP274.4 million at June 2013, stressing that the total value of compensation under settlements are EGP88.5 million against EGP68.7 million in the last period of the previous year.

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