Egyptian Takaful Targets EGP 160 Mln Premiums in 2012/13

The Egyptian Takaful Insurance Company (Property) targets to post premiums of EGP 160 million in the next FY 2012/2013.

Ahmed Arfin, managing director, said the Company plans to open new branches, noting that the Company plans to open a branch in Mansoura. He added that opening Hurghada’s branch was delayed as the Company did not yet select a suitable manager for the mission.

The Company will soon request Egyptian Financial Supervisory Authority’s approval on its insurance product for banks’ employees which will be launched by the beginning of July. The new product will provide credit card insurance for banks’ employees, Arfin added.

It is worth mentioning that the Company posted 9–month premium income of EGP 189.6 million at the end of last March, up from EGP 144.4 million for the same period in the last year, with an increase of 31%.