Egyptian Takaful Insurance’s profits 30% up in 3 months

Egyptian Takaful Insurance (Property) posted a 30 percent year-on-year growth in profits during the first three months of the 2019/2020 financial year, its vice-chairman said on Monday.

Profits recorded 34 million Egyptian pounds ($2.1 million), up from 26 million pounds during the first three months of the 2018/2019 financial year, El-Sayed Bayoumi added.

“Insurance policy holders’ equities rose 12 percent to 896 million pounds at the end of September against 803 million pounds at the end of June,” Bayoumi said.

Shareholders’ equity also climbed 56 percent to 399 million pounds versus 255 million pounds at the end of last June, he added.

“Our investment portfolio surged 5.5 percent to 1.528 billion pounds at the end of September, compared with 1.450 million pounds at the end of June 2019,” Bayoumi said.