Egyptian Takaful Insurance’s net profits rise 61% in FY2018/19

Egyptian Takaful Insurance Co. (Property) posted a 61 percent growth year-on-year in net profits during the financial year 2018/2019, said its vice-chairman on Thursday.

Net profits registered 144 million Egyptian pounds ($8.8 million) against 89 million pounds during the financial year 2017/2018, El-Sayed Bayoumi further told Amwal Al Ghad.

The company generated surplus from insurance activity of 218 million pounds during the 2018/2019financial year, a 90 percent surge from 155 million pounds a year earlier, Bayoumi added.

“The company’s premium portfolio totalled around 808 million pounds during the last financial year versus 645 million pounds at the end of June 2018, marking a 25 percent increase,” he said.

Egyptian Takaful Insurance’s investments climbed 41 percent year-on-year to 1.4 billion pounds at the end of June, Bayoumi said.

“Net investment income also went up by 41 percent year-on-year to 186 million pounds at the end of last June,” Bayoumi concluded.